Steps involved in retirement planning
- What are your current monthly/annual expenses? Based on this, determine the amount required for the 1st month of retirement.
- Determine the corpus you require at the age of 60 till the age of 90/100 to ensure that the corpus takes care of both yourself and your dependents (including spouse and others)
- Evaluate the retirement benefits which you will receive at the age of 60 (including gratuity, PF, Lic policy maturity etc… to understand the value accrued on retirement)
- Invest now till retirement (by way of SIP or a combination of lumpsum + SIP) to bridge the gap to achieve the retirement corpus.
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