I was speaking with a financial advisor who said that if we aim to retire at 60 and plan to live till 85, then we should have at least 12 crores saved to lead a plain middle-class life (Swift DZire car with driver, one holiday a year within India only and within a small budget). For a more luxurious life (bigger car, nice foreign holidays etc) the amount should be at least 17-18 crores.
Thoughts? In 2050 will 1 crore be similar to the value of 10 lakhs today?
1. Are you providing for 1 person, 2 or a family (this will change things considerably)
2. Which city are you going to be staying in
3. Does retiring mean complete retirement with 0 active income, or minimum active income.
The number would be based on the above answers, and could still range from 5 crores to 30 crores, again, of course, depending what your 'base lifestyle' is.
I feel inflation will skyrocket in future. I think the basic living cost of retirement (excluding housing) per year person, to lead an upper middle class lifestyle, will be as follows:
2040: Rs 50 lakhs a year
2050: Rs 60 lakhs a year
2060: Rs 70 lakhs per year
So, suppose your retirement period is 2040 to 2060, have at least 5 crore saved from 2040 to 2060, plus 6 crores from 2050 to 2060. If the retirement period is from 2050 to 2070, have at least 6 crore saved from 2050 to 2060, plus 7 crores from 2060 to 2070.
Thoughts? In 2050 will 1 crore be similar to the value of 10 lakhs today?
We'll have a proper AGI/ASI takeover by 2050. I don't think any plans you make now will hold on strong for any more than next 10 years.
Work now, earn now, spend now, save and invest now, enjoy now. Aage ka kisne dekha hai ?
1. Are you providing for 1 person, 2 or a family (this will change things considerably)
2. Which city are you going to be staying in
3. Does retiring mean complete retirement with 0 active income, or minimum active income.
The number would be based on the above answers, and could still range from 5 crores to 30 crores, again, of course, depending what your 'base lifestyle' is.
2040: Rs 50 lakhs a year
2050: Rs 60 lakhs a year
2060: Rs 70 lakhs per year
So, suppose your retirement period is 2040 to 2060, have at least 5 crore saved from 2040 to 2060, plus 6 crores from 2050 to 2060. If the retirement period is from 2050 to 2070, have at least 6 crore saved from 2050 to 2060, plus 7 crores from 2060 to 2070.