What is the «perfect» retirement income to maintain the same standard of living?
How much money is required to maintain the same standard of living after retirement? Although there can be no clear-cut answer to this question because everyone’s lifestyle expenses vary, a survey shows that many Indians believe Rs 65.4 lakh (79,723 U.S. dollars) to be the optimum retirement income.
According to a survey conducted among more than 1,100 people by ICICI Prudential Life Insurance and Quantum Consumer Solutions, retirement is now seen favorably as a period of opportunity. Many people see retirement as a time for maintenance, improvement, and growth.
According to the survey, working people who are saving and investing for their post-retirement lives have several major concerns.
- Up to 83% of respondents stated that maintaining their current standard of living into retirement was their top goal.
- In this new chapter of their lives, more than three-fifths of the respondents said that their retirement goals include having fun, remaining in touch with friends, traveling, feeling financially comfortable, and having peace of mind.
- The majority of people are aware that while making plans for their next chapter in life, they must take inflation and escalating medical costs into account. Several people believed that inflation may lower their standard of living.
- More over two thirds of survey participants expressed concern about how inflation would affect their retirement savings and, as a result, their way of life.
According to the survey, respondents presently save 11% of their gross income for retirement-related expenses. The majority of respondents believe that a retirement fund with an average balance of Rs 65.4 lakh (79,723 U.S. dollars) is ideal.
