Amit Sethi
Why Make A Budget?
The right budget plan can help you live a happy retirement life, even with a limited or medium-sized corpus fund.
Ascertain your expected retirement age to know the number of years left to save.
Determine your living costs post-retirement, as you will require a regular, lump sum fund to cover daily and lifestyle expenses.
Add expected expenses and emergency fund needs to calculate the required fund and then apply the average inflation rate.
Review the plan regularly to stay on track with your goals, as your income, expenses, and lifestyle may change as you approach retirement.
After retirement, adjust your budget to suit your needs and plan for short/long-term goals based on your health and life expectancy.
Building a larger retirement corpus than the expected budget can provide an extra financial cushion against risks.
Compiled By Himani Verma