Retirement Calculator: Plan Your Future with Our Retirement Planner | Kotak Mahindra Bank

Retirement Calculator: Plan Your Future with Our Retirement Planner | Kotak Mahindra Bank

Apply Now

Savings Account - Grand - Savings Programme - Kotak Mahindra Bank

Retirement Planning Calculator

Calculate how much you need to save to ensure a smooth and comfortable retired life.

Current Age

Retirement Age

Life Expectancy

Current Monthly Expense

INR

Present Value (Retirement Corpus)

INR

Expected Inflation rate p.a

%

Expected return on investment p.a

%

You need to make a monthly investment of

to accumulate a corpus of

What is retirement planning?

Retirement planning is the process of managing your finances and investments to ensure a smooth transition from your working years into ‘retirement’ life. It involves setting clear financial goals for your retirement, estimating your post-retirement financial needs, and identifying the amount you need to save to maintain your desired lifestyle even after retiring. You must then plan your investments and allocate your assets as needed to build the required retirement corpus.

If you are not sure about how to begin planning for your post-retired life, you can seek expert assistance from financial retirement planners in India. Alternatively, you can use a retirement calculator to get a clearer picture of how much you need to save for life after retirement.

What is a retirement calculator?

A retirement calculator is a handy financial tool that can help you estimate the amount of money you need to save to lead a comfortable life after you retire. It simplifies retirement planning for people from all walks of life and makes it easier to understand the financial requirements of post-retirement life.

The best part is that online retirement calculators are now available to everybody free of charge. You need to input a few basic details into this financial tool, and you can see how much you will have to start saving to build the nest egg required for your post-retirement life.

How does a retirement planning calculator work?

A retirement planning calculator typically has a user-friendly interface, making it suitable even for beginners and those new to retirement planning. You need to enter some basic details like your current age, the age at which you plan to retire and your life expectancy. You then need to submit information about your current income/expenses, how much you have saved for retirement so far, and the expected inflation rate and ROI.

Ensure that you enter realistic and accurate information in the retirement planning calculator. Once you submit the required details, the financial tool will compute the minimum amount you need to save up as your retirement corpus. You can then use this information to create an investment plan accordingly.

Benefits of using a retirement planning calculator

Some of the top benefits of using a retirement planning calculator in India are listed below.

You get a clear estimate of the savings required for life after retirement
It helps you set realistic financial goals for your retirement
You can identify any shortfalls in your current retirement fund and take proactive measures
It allows you to make informed decisions about your investments and asset allocation
You get accurate estimates because factors like inflation and life expectancy are included
It simplifies complex financial calculations into clear and actionable results
It empowers you to save up a sufficient retirement corpus and lead a comfortable life after retirement

How to use the Retirement Fund Calculator from Kotak?

Here is a step-by-step guide to help you use the Retirement Fund Calculator from Kotak easily.

Step 1: Enter your current age.

Step 2: Enter the age at which you wish to retire.

Step 3: Enter your life expectancy. Ensure that you use a realistic estimate.

Step 4: Input your current monthly expenses. This includes your fixed and variable costs, as well as your essential and discretionary expenses.

Step 5: Enter the present value of your retirement corpus. This is essentially the amount you have saved up for retirement to date, if any.

Step 6: Enter the expected annual inflation rate. To use a realistic estimate, you can read the news and check what the current inflation rates are.

Step 7: Enter the expected annual rate of returns on your investment.

Once you enter all these details, the financial tool will show you the amount you need to invest each month to accumulate the required retirement corpus.

Related Articles

things-to-do-after-retirement

about-to-retire-what-to-do-with-the-money

retirement-planning-whats-the-big-deal

Frequently Asked Questions

Should I consider inflation when using a retirement calculator?

Yes, you need to consider inflation when you use a retirement calculator because it gives you a realistic estimate of the retirement corpus required. Inflation reduces the purchasing power of money over time, and including it in your nest egg calculation is crucial. You can use a retirement calculator with inflation-specific input requirements to obtain clear and accurate estimates.

How does a detailed retirement calculator handle inflation?

A detailed retirement calculator accounts for inflation and factors in the projected increase in your living expenses over time. When you use a retirement calculator with inflation-specific input requirements, you can rest assured that it considers the impact of inflation on healthcare, housing costs and everyday expenses. This effectively gives you a clear picture of the retirement corpus needed to maintain your purchasing power.

What is a retirement corpus?

A retirement corpus is the total amount of money you need to save or accumulate to retire comfortably and maintain your desired lifestyle even after your retirement. You can make use of an online retirement corpus calculator to get a better idea of this figure.

How much corpus required for retirement in India?

The amount of retirement corpus required varies from one individual to another. It depends on various factors like your current age, the age at which you wish to retire, your life expectancy, your monthly expenses and your existing retirement savings. To get an accurate estimate of the corpus you need for your post-retirement life, you can make use of an online retirement corpus calculator.

Why must you fill the life expectancy in the Kotak Retirement Planning Calculator?

Life expectancy is a crucial detail in the Kotak Retirement Planning Calculator. It is important because it helps estimate the duration or length of your post-retirement life, and allows the calculator to compute the retirement corpus required to sustain your lifestyle and financial requirements throughout this period.

Why does the Kotak Retirement Planning Calculator ask for the current monthly expense?

Your current total monthly expense indicates the amount of money that is required to sustain your existing lifestyle. The Kotak Retirement Planning Calculator requires this detail because it helps determine the retirement corpus required to maintain a similar standard of living after you have retired.

Why does the Kotak Retirement Planning Calculator require the Present Value (Retirement Corpus)?

The present value of your retirement corpus is essentially the amount you have currently set aside for retirement, if any. The Kotak Retirement Planning Calculator requires this information because it can assess how financially prepared you currently are, and accurately compute how much more you need to save as a retirement fund to meet your post-retirement financial needs.

Showing 7 out of 7 items

1

of 1