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A retirement corpus refers to the sum of money that would enable you to lead an easy life after retirement. Properly calculated decisions taken today can save you from unfortunate scenarios post your retirement and also safeguard the future of your loved ones. Therefore, calculating the right amount is very important.
You can consider the detailed estimates and the time value of money, as well as inflation. However, it all comes down to one basic question: how much of your salary do you save aside for retirement every month and your monthly expenses? You can use online retirement planning calculator to understand your future needs.
Here are a few factors you can consider while calculating your retirement corpus:
1. Prevailing inflation rate
2. Your current age
3. Your target age of retirement
4. Expenses required for covering basic essential needs. This includes food, clothing, and medical expenses (if any) along with all other necessary expenses.
5. If you have any debt currently, make sure to finish paying for it before you start investing in a retirement plan.