Pension calculator helps you calculate the amount you could invest towards a retirement plan. Based on a regular monthly contribution, this calculator helps you calculate the lump sum amount you could save for the retirement days up to the age of 60 years.
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A retirement planning calculator calculates the corpus you may require to accumulate by the time you get retired. This also provides an approximate amount that you may need to save every month for securing yourself financially. A basic online pension calculator in India has the following fields:
Based on these details, an online pension plan calculator provides its assessment related to your monthly pension requirement and the amount that you may need to achieve the same.
Note: Most of the calculators give you the option to edit the growth of your annual income; you can select/ edit the same. You can also fill the option of growth in your savings annually before calculating the pension.
It is one of the most valuable tools available online for drawing a map of your financial plan with few assumptions. Let us know the need for a retirement planning calculator more deeply:
In our online retirement planning calculator, all you have to do is fill the following fields:
Filling these details will provide the year by which you will be retired. In addition to this, these details will also give the amount that you will be earning with the assumed growth of 5% and the growth in your savings at the rate of 5%. However, there are options to edit the assumed growth of ‘You will be earning’ and ‘Your savings will grow to’ fields.
Based on the above-mentioned data provided by you, our retirement planning calculator will provide the monthly pension that you may need after your retirement. To achieve this requirement, the amount that you have to invest monthly under:
For example: If your date of birth is 02nd April'1985 and you have selected your retirement age as 60 years. Your yearly income is Rs.5, 30, 000 and your yearly savings are Rs.20, 000. By your retirement age, you will be living in rented accommodation.
By filling these details, the pension plan calculator will give the following details -
The post retirement life of an individual is said to be the golden period of his life. It is the time when a person pursues the ‘work he loves to do’ and converts his hobbies into professions. To fulfill all these desires and have a comfortable life post retirement, an extensive process of sensible planning with years of persistence is required, which be done using our Pension Calculator.
Following are the various reasons why appropriate planning for retirement through our Pension Calculator is important
Aditya Birla Sun Life Pension Plans
Aegon Life Pension Plans
Ageas Federal Pension Plans
Aviva Pension Plans
Bajaj Allianz Pension Plans
Bharti AXA Life Pension Plans
Canara HSBC Pension Plans
Edelweiss Tokio Life Pension Plans
Exide Life Pension Plans
Future Generali Pension Plans
HDFC Life Pension Plans
ICICI Prudential Pension Plans
IndiaFirst Pension Plans
Kotak Life Pension Plans
Max Life Pension Plans
PNB MetLife Pension Plans
Pramerica Life Pension Plans
Reliance Life Pension Plans
Sahara Life Pension Plans
SBI Life Pension Plans
Shriram Life Pension Plans
Star Union Pension Plans
Tata AIA Pension Plans
With improved medical and healthcare facility, the life expectancy in our generation is more than the previous ones. Naturally, when you live more, your healthcare needs and other expenses also increase. This also implies the need to use our Pension Calculator to plan well and gather funds that should be sufficient to sustain the longer life.
Usually, the employer or government funded pensions are insufficient to fulfill the post retirement needs and maintain the lifestyle an individual is used to. This is why it is essential to back your government or employer funded retirement or pension plans with a self-maintained financial cushion which is a pension or retirement plan and the best way to assess the sufficiency is the Pension Calculator.
Regardless of the children and family being supportive or not, most people, who have earned the bread for themselves and their family for their entire life, would not want to depend on their children or family members for meeting their expenses after retirement. And, maintaining an independent lifestyle is possible only if you have an effective plan and sufficient corpus for your golden years. The way to assess the corpus sufficient for you is by using our Pension Calculator.
The social security system of our country is lagging behind in almost all aspects. Therefore, it is imperative that an individual plans well in advance to build a corpus which is sufficient enough to meet the regular expenses or handle any unforeseen event post retirement. To build a sufficient corpus, it is essential to know how much would be sufficient and our Pension Calculator can help you do that.
Naturally, every individual has an urge to support their family by providing for their loved ones at major events of their life even after they have retired. Retirement funds help you fulfill these desires while ensuring your future financial independence and our Pension Calculator is the best tool to help you calculate the value of these desires.
It is within the realm of possibility to desire a vacation or pursue a hobby once you reach you golden years and are already free from all the workplace responsibilities. Retirement funds achieve these aspirations and our Pension Calculator helps you know the amount of retirement funds required to do the same.
Keeping all these points in mind, it is wise to seek advice from a financial planner and understand his proficient outlook for your financial plan. Alongside, using our Pension Calculator is also a beneficial option.
A major part of planning your retirement is assessing the funds you would need post retirement to meet your regular expenses and fulfill your aspirations. To help you figure out the minutiae of such planning you can take advantage of specially designed Pension Calculator.
Pension Calculator helps you calculate your income requirements post retirement on the basis of your age, annual income, savings, nature of accommodation, and the expected growth rate. Pension Calculator basically helps you determine the monthly amount you need to invest towards a retirement plan, in order to meet your financial needs during your golden years.
The following are the key inputs you need to key in the Pension Calculator in order to get viable results:
The date of birth you need to enter in this field of the Pension Calculator is majorly for record keeping purposes. At the time of buying a policy on the basis of this calculation done in the Pension Calculator, you might need to submit documentary proofs supporting the same. Therefore, in order to get the most reliable results from the Pension Calculator, make sure you enter your date of birth as per your government IDs.
While the official age of retirement as per the government norms is 60 years for the salaried people, the Pension Calculator allows you to choose the retirement age as per your desire. This feature has been incorporated in the Pension Calculator keeping the self-employed people in mind as well the increasing trend of voluntary or early retirement.
In terms of annual income, you would be better placed to consider your net income instead of your gross income while using the Pension Calculator. This is because your gross income would include various fringe benefits that are given to you by your employer but do not reach your bank account.
Also remember, that the EMIs you pay towards any loan are paid out from your take home salary. Therefore, if you have any current loans, do take them into consideration before mentioning your annual income in the Pension Calculator.
This field of the Pension Calculator requires the amount you have saved till date. However, savings does not necessarily mean the amount of cash you have or your bank balance. It also includes the funds that are currently invested in various instruments like fixed deposits, equity-linked saving schemes, recurring deposits, national saving certificates, kisan vikas patra, etc.
In this field of the Pension Calculator you are required to mention the nature of your accommodation after retirement i.e. whether you are living in a property that you own or you rent. However, even if you stay in your own property, but, the EMIs towards its loan are still going on, then do not forget to take into consideration when mentioning your annual salary while using the Pension Calculator.
Growth Rate is the percentage by which a country’s GDP (Gross Domestic product) varies from year to year.
This Pension Calculator involves two kinds of growths at an assumed rate of 5%. However, the Pension Calculator also allows you to adjust the growth rate as per your desire.
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