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Is Rs 1 crore good enough for you to retire comfortably?
Imagine life 30 years down the line. You have worked real hard, and given the best education and life to your children. They are all well settled in India or abroad. You have retired and are spending your time catching up with friends and relatives or playing with your grandchildren. You are maintaining a healthy lifestyle. No more do you have to rush to your office in the morning, work your days off, and return dead tired at night, only to repeat the same routine all over again the next day.
Sounds great, isn't it?
However, all this will depend to a large extent on your financial position when you retire. As they say, it is money which enables you lead a happy and prosperous life. In a study done in the United States, it was found that almost 70% of workers will not have sufficient money to lead a comfortable life when they retire at the age of 60. This is certainly shocking.
"There is a similar story in the UK, Canada, and many developed and developing countries. The situation in India is even worse because of lack of social security for working population which is mostly into the unorganized sector," says Adhil Shetty, founder & CEO, BankBazaar.com.
Retirement planning
Retirement planning is difficult. Not because it involves heavy number crunching, but because of uncertainty associated with the factors that impact it. For instance, job security, growth of economy, inflation, returns from investments, and rising medical expenses are some of the factors that impact your financial planning for retirement.
The magic figure of Rs 1 crore
Similar to the $1 million as a financial milestone in the US, Rs 1 crore is the magic figure that is often talked about in India. Particularly since the launch of the Kaun Banega Crorepati (KBC) years back, becoming a crorepati someday has become the common man's dream. No wonder, you can also see lots of investment schemes today which promise to make you a crorepati by the time you retire.
"Although there is nothing sacrosanct about the figure 1 crore, but financial institutions have been able to convey that this figure is a benchmark for your retirement planning," says Shetty.
However, the million-dollar question is: Will a Rs 1-crore corpus see us comfortably through retirement?
Please read more from here
Is Rs 1 crore good enough for you to retire comfortably? - The Economic Times
Imagine life 30 years down the line. You have worked real hard, and given the best education and life to your children. They are all well settled in India or abroad. You have retired and are spending your time catching up with friends and relatives or playing with your grandchildren. You are maintaining a healthy lifestyle. No more do you have to rush to your office in the morning, work your days off, and return dead tired at night, only to repeat the same routine all over again the next day.
Sounds great, isn't it?
However, all this will depend to a large extent on your financial position when you retire. As they say, it is money which enables you lead a happy and prosperous life. In a study done in the United States, it was found that almost 70% of workers will not have sufficient money to lead a comfortable life when they retire at the age of 60. This is certainly shocking.
"There is a similar story in the UK, Canada, and many developed and developing countries. The situation in India is even worse because of lack of social security for working population which is mostly into the unorganized sector," says Adhil Shetty, founder & CEO, BankBazaar.com.
Retirement planning
Retirement planning is difficult. Not because it involves heavy number crunching, but because of uncertainty associated with the factors that impact it. For instance, job security, growth of economy, inflation, returns from investments, and rising medical expenses are some of the factors that impact your financial planning for retirement.
The magic figure of Rs 1 crore
Similar to the $1 million as a financial milestone in the US, Rs 1 crore is the magic figure that is often talked about in India. Particularly since the launch of the Kaun Banega Crorepati (KBC) years back, becoming a crorepati someday has become the common man's dream. No wonder, you can also see lots of investment schemes today which promise to make you a crorepati by the time you retire.
"Although there is nothing sacrosanct about the figure 1 crore, but financial institutions have been able to convey that this figure is a benchmark for your retirement planning," says Shetty.
However, the million-dollar question is: Will a Rs 1-crore corpus see us comfortably through retirement?
Please read more from here
Is Rs 1 crore good enough for you to retire comfortably? - The Economic Times
