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POSTED BY ON October 16, 2013 9:06 am COMMENTS (9)
Hi,
I want to plan about my pension, i want 40k per month as pension amount after age of 60. how much do i need to save monthly for it ?
please suggest the best pension plans for me.. my age is 25.
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Dear Vaibhav, should we focus on creating the corpus or on retirement plans only?
Thanks
Ashal
Dear kkpowar,
Right now you are only 25 & after 35 years you wont be able to manage your family expenses in rs 40000. 1st of all calculate your current monthly family expenses & than calculate how much amount you require keeping inflation in mind. I am sure that amount would not be less than 1 lakhs. Try this ICICI or Bloomberg calculator http://www.icicibank.com/financial-tools/investment-planning/saving-for-retirement.html
http://www.bloomberg.com/personal-finance/calculators/retirement/
Regarding Good pension plans: My suggestion is that you should either go with max life retirement plans or with ICIC
Dear Kkpowar, first pin point your goal i.e how much corpus you need in your sunset years. Once the corpus is defined, calculate, how much money you need to invest on mly basis to earn that target corpus. Selection of funds comes after that.
Thanks
Ashal
yes sir , i agree with you. in which funds & how should i invest? can you please tell in detail ?
Dear Kkpowar, how did you reach to 80K now? What about inflation in post retirement Year? Even if I assume 80K is correct figure for age 60, what ‘ll be your expense @ Age 61, 62, 63……….70, 71, 72………, 81, 82, 83………?
Please think over it. There is no best pension plan if you are referring to any insurance company offered product. Even beyonf life insurance companies, you w’d have to create a diviersified portfolio for your comfortable retirement.
Thanks
Ashal
Yes you are right.. i should get around 80k per month or my post retirement life.
Please suggest best pension plan for me.
Dear Kkpowar, let me give more clarity to you. As of now say you are spending 15000 Rs. mly. wjhat ‘ll be your future expenses? What ‘ll be the impact of inflation on your expenses? For example Petrol is 75 Rs. per Litre as of now, how much ‘ll it cost in 2050?
Thanks
Ashal
Dear sir, Thanks for your response.
As of now i can keep 5-6 k per month for my post retirement life. so according to that i assumed 40 k.
how much should be post retirement life pension? now my income is 40 k per month [assuming minimum 5 k p.m increment per year]
Please suggest best pension plan for me .
I am recently married.
Dear KKpowar, As of now you are 25 only. do you feel, 40K ‘ll be good amount for your post retirement life? How did you reach to the figure of 40K? Any calculation was there or it it just your comfort number?
Thanks
Ashal