Retirement Savings: How Much Money is Required for a Successful Retirement?
How to plan retirement savings for a successful retirement life. Here are some tips that one can follow. (Pics: Freepik)
According to some studies, a healthy retirement usually necessitates a corpus of 25 to 30 times your yearly expenditures or around 80 to 90% of your pre-retirement annual income.
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For successful retirement, you need to understand that you are debt free and also have an income that suits the lifestyle and also left with a healthy disposable income. You can have an aim for this for a successful and happy retirement.
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According to some studies, you should plan to take 4% of your entire corpus in the first year of your retirement, with annual inflation adjustments to ensure that your funds last for at least 30 years.
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According to some reports, a comfortable retirement can also be achieved by a healthy 1 to 2 crore net worth. You can have a net worth certificate from the CA.
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Apart from the main corpus, dedicated health funds for medical emergencies are also good, which could be Rs. 50 Lakhs or more. (Disclaimer: Given the input is on an information basis, please seek professional advice.)
