Retirement Planning Calculator

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Plan your Savings Now

For every working person retirement seems to be a golden time of endless comfort and ease. You get hardly any time for yourself in your pre-retirement days. You earn and work very hard to give a better life to your loved ones, time goes on and you work to keep your family warm and comfortable and then you plan for your children’ future. After all these years of hard work people, usually, imagine the annuity stage to be a perfect time to start a new phase of life without worries. It is the only time when, after fulfilling your responsibilities, you can live the way you want. While some retirees choose to stay back at home and relax, some plan to travel around the world. However, you need to plan your retirement from the day you start earning. Only a proper pension plan can provide you a peaceful and dream like superannuation. This could be possible with the help of retirement planning calculator.

How to Begin Retirement Planning?

It is often said by elders that you should start saving for your retirement from the day you start earning. It is just not an idea but truth that every working person should consider. A major part of your retirement security corpus can be built in the initial years of your working career. Therefore, start saving for your future when you are still young. No matter how high your income is, if you do not save your hard earned money through systematic investment, you will lag behind from your retirement savings goal. Check out how to initiate your retirement planning:

  • Assess your Present Requirements – Before you start calculating your savings goal you should assess your expenditures, liabilities and other responsibilities. Also make a clear assessment of your annual income, assets and present savings.
  • Determine Retirement Savings Goal – The next and the most important aspect of retirement planning is to determine your retirement savings goal after considering your current expenditures, responsibilities and rate of inflation.
  • Use Retirement Planning Calculator – Retirement calculator helps you to determine your annuity savings goal by processing your current income, savings, expected growth rate of income, growth of inflation rate and type of accommodation. 
  • Save to achieve Retirement Goal – Once you chalk out the corpus you would need for your annuity plan using retirement planning calculator, you should start saving regularly and wisely to achieve the savings goal.

Why Do You Need Retirement Planning?

Retirement would be bliss only if you have monetary security for the rest of your life. In the absence of financial safety, retirement phase will seem to be a curse for you. Retirement planning calculator can bring you inside a system of regular savings and investment. Only a systematic planning and regular saving could ensure a golden future for you and your loved ones. Find out your savings target by using retirement planning calculator and start working on it from today. It is important to have a retirement plan because:

  • Your job could protect your present financial needs only; it does not guarantee any income after your retirement. So, you should manage your salary in such a way that enables you to meet your present needs and responsibilities and at the same time allows you to save regularly.
  • You can lead a stress-free life after retirement if you save today. Retirement planning calculator will tell you how much to save.
  • You will not have regular income in your post-retirement days. The money you save during your pre-retirement days will get compounded by the time you retire and ensure your financial security in post-retirement days.

What is Retirement Planning Calculator?

Retirement planning calculator is an online device that helps you to find out your savings goals for post-retirement days by analyzing your current age, income, present savings, etc. Gone are the days when you had to do all the calculations on your own or seek for professional help to assess your annuity savings. Annuity planning is, now, a few clicks away. You can calculate the exact amount of wealth you will need post retirement through the help of online retirement planning calculator. Within a few second’s time, the pension calculator will generate your annuity goals.

Retirement planning calculator not only considers your current earning and expenses towards accommodation but also takes into account the rate of growth of income on annual basis and rate of growth of inflation each year to compute the savings you need and monthly income you require in your post retirement days.

How is Retirement Planning Calculator Beneficial?

Pension calculator makes the process of annuity planning easier. You can find several types of retirement planning calculator online. Some of the key benefits of online retirement calculator are as follows:

  • It helps you to calculate your annuity savings target without any hassle and also free of cost.
  • It generates the computation almost instantaneously. You just need to enter the information correctly in the calculator.
  • As it helps to find out your retirement goals, retirement planning calculator also straightens up your current savings discipline.
  • The calculator also specifies your monthly savings target that will help you achieving your final goal.
  • Retirement planning calculator not only sets the target amount for your future needs but also tells you the exact amount you are lagging behind your target. It suggests various investment and savings plans for achieving the goal. In this way, it also aware the calculator users about the best plans and policies.

How to Use retirement planning calculator?

This online calculator comes handy and easy to use. Pension calculators are free of cost and takes only few seconds to process the given information and values in order to generate your post retirement fund value. Almost all reputed insurance providers offer retirement planning calculator at their online portal. You can select your own desired insurer for calculating your savings goal. Follow the following steps to use retirement planning calculator smoothly:

  • Enter your desired pension calculator at the online portal of your desired insurer.
  • Retirement planning calculator will provide you multiple number of fields asking various personal information, income details, savings history, etc.
  • Enter you current age and the desired age of retirement in personal details section.
  • Enter your present annual income and the growth rate of salary in the income details section of retirement planning calculator.
  • Provide your exact current savings and also choose the savings and investment type in the savings detail section of the calculator.
  • Compute your monthly expenditures considering your food, clothing, lifestyle and medical expenditures. Enter the approximate amount of monthly expenses in the retirement planning calculator.
  • Press the ‘Calculate’ button to generate your current savings growth rate, targeted savings amount and also the amount you are lagging behind.

What is the Importance of Retirement Planning Calculator?

Post-retirement pleasure depends upon the efficiency of savings in your pre-retirement days. More systematically you invest your hard earned money during your working days, more relaxed you annuity days will be. Here are the reasons why retirement planning calculator is important for working people:

  • With advance medical facility life has become longer, retirement planning calculator can help you to sustain longer and healthier life. Unlike old times, people have become more aware about their health and lifestyle as a result they live longer than their forefathers. Only retirement planning calculator can help you find out the target amount for pension so that one can live life happily without financial worries.
  • The pension provided by public sector jobs are minimal and most of the private sector jobs do not at all pay pension to the employers. So, it is necessary to fund your pension on your own with retirement planning calculator.
  • In old times people used to depend on their children in their retirement phase. But time has changed. People want to stay self-sufficient throughout their whole life. Retirement planning calculator can help you to assess your post-annuity needs to keep up your individualism.
  • Growing age also brings bigger responsibilities. Apart from building wealth for your own future you have to save for other liabilities too. With retirement planning calculator you can plan and separate your savings according to your responsibilities.
  • Unlike developed countries of the world, India does not provide any social security system to the Indian citizens. This suggests that the government of India will not take any responsibility of social, physical or medical wellbeing of a person. Retirement planning calculator can help you to accumulate enough fund for your annuity. You can pre-set your savings goal and save accordingly for unforeseen events in future.
  • Although you need to save your money religiously and regularly, you cannot ignore the smaller happiness of life. Just like pension planning you also need to save for your own relaxation like travelling or exploring your new hobbies. To keep alive all the pleasures of life retirement planning calculator can help you to set your targets without compromising your dreams and pleasures.
  • When you are all set to enter your annuity, you can stay happy and make others happy too. If you can accumulate enough wealth you can always share your love for your loved ones by offering them little presents as token of love from time to time. Retirement planning calculator helps you finding the right way to happiness.
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