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Retirement Calculator

Monthly Investment₹3,448.71

Current Age

Retirement Age

Life Expectancy

Monthly Expense

Expected Return on Investment

Expense Factor

Monthly Investment₹3,448.71

Total Investment₹16,55,381.82

Investment Duration 40 Years

Corpus Value₹1,11,08,575.37

Retirement planning becomes essential from the time one begins working. The earlier one plans for retirement, the better one's chances of saving enough money. A retirement calculator is a tool that assists in the simple and easy planning of one's retirement.

What is a retirement calculator?

A retirement calculator is an online free digital tool that assists in calculating one's retirement corpus. It is preferable to begin planning for and investing in the retirement funds required for a stress-free lifestyle after retirement. The retirement calculator can help you figure out how much money you need to save before you retire.

How can a Retirement Calculator help you plan your retirement?

The Paytm retirement calculator assists in determining how much money is required for retirement planning. However, an online retirement calculator requires specific information to calculate the retirement corpus.

Information is further divided into basic, monthly expenses, personal information and current expenses.

Basic information such as current age, retirement age, and life expectancy is required to project investment expenses and duration.
Personal information such as marital status, dependents, city of residence, and habits are also taken into account when calculating the retirement corpus. These particulars aid in comprehending the family situation and designing an appropriate plan.
Monthly expenses such as utility bills, house rent, driver/maid/cook salaries, maintenance, fuel, leisure, medicines, and so on are also required by the calculator. It calculates the future worth of these expenses. The calculator estimates the future value of the costs using the inflation rate.
Current investments are also evaluated to determine how much more must be invested to achieve financial independence during retirement.

How to use Paytm retirement calculator online?

Here is how to use a Paytm retirement calculator online:

You must enter your current age in years using the slider.
You then enter your desired retirement age and life expectancy.
Fill in the required monthly retirement income, as well as the expected inflation rate and return on investment (Both pre and post-retirement)
The Paytm retirement calculator displays the annual income required immediately after retirement, the additional retirement funds that must be accumulated, and the monthly savings required to accumulate the fund.

What are the benefits of a retirement calculator?

A retirement calculator is an extremely useful tool. It also aids in the planning of a smooth and trouble-free retirement life. The advantages of using a retirement calculator are listed below.

Retirement planning: The calculator assists in determining how much money is required to meet financial goals after retirement.

Financial understanding: The calculator shows how much money should be saved/invested each month to meet financial goals after retirement.

Planning & comparison: The retirement calculator can assist in planning various retirement options. By using the calculator, individuals can then compare all of the plans to determine which one is best for them.

Ease of use: The calculator is simple to operate. All it requires is the user’s inputs such as age, monthly expenses, retirement age, and any existing investments.

Time saver: The retirement calculator first considers critical inputs such as the current inflation rate, the future value of expenses calculation, required amount to invest in future goals, and then calculates the amount needed after retirement in seconds.

Free to use: The calculator can be used multiple times for free

What are the best retirement options?

The following is a list of the best retirement plans on the market:

Meaning	Retirement options
Mutual funds	Investing in mutual funds for a long-term goal, such as retirement, can help you tap into the power of compounding. If it is combined with SIP, the benefits will multiply Equity funds are preferable if one is planning to invest in mutual funds for retirement One can switch to debt funds as they approach retirement age Mutual funds have no lock-in period, making them appealing to all investors.
Public Provident Fund	The Public Provident Fund is an excellent long-term investment option. It provides guaranteed returns governed by the Finance Ministry. PPF investments are tax deductible under Section 80C The money invested in a PPF is locked in for 15 years. At maturity, the interest and accumulated amount are tax-free. The minimum investment for PPF is INR 500 and the maximum is INR 1.5 lakhs, which can be paid in instalments or in one lump sum.
National Pension Scheme (NPS)	An initiative of the Indian government to provide retirement benefits to all Indian citizens. the scheme encourages investors to invest throughout their working lives. They can withdraw 60% of their corpus during retirement, with the remaining 40% used to purchase an annuity. Investing in NPS entitles you to a tax deduction of up to INR 1.5 lakhs under section 80C, as well as INR 50,000 under section 80CCD (1B).
Fixed Deposits	Fixed deposits are the most secure investment option on the market. Investment in tax-saving FDs is tax-deductible up to INR 1.5 lakh under section 80C. FDs have 7 days to the 10-year lock-in period.
Employees Provident Fund (EPF)	The Employees Provident Fund Organization of India manages and supervises the Employees Provident Fund (EPF) (EPFO). It is a retirement plan for salaried employees. This monthly saving can be used if you are unable to work or when you retire.

Frequently Asked Questions

FAQs

Why is the Paytm Retirement Planning Calculator so important for retirement planning?

The Paytm retirement planning calculator assists you in determining the retirement corpus required to maintain your current lifestyle. If your current lifestyle or retirement goals change, you must update the necessary figures so that the calculator can provide an accurate picture of how much money you will require after retirement.

What is the ideal amount I should save for the future?

The ideal amount to save for retirement depends on your lifestyle, inflation rates, and needs. According to some experts, Rs. 1 crore is sufficient for the post-retirement phase; however, generating this much money takes a lot of time and dedication.

What are the best retirement options?

Following are some of the best retirement options: