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    Retirement Planning Calculator

    What is Retirement Calculator?

    When you start working, retirement can seem like a thing far off in the future. In fact, setting aside some money from your monthly income can seem unnecessary. But sooner or later, your retirement will dawn on you, and without sound retirement planning, you run the risk of struggling to support yourself in your second innings. To live a stress-free and peaceful life post your working years, it is crucial to start saving and investing in financial instruments and pension plans that help build a sufficient corpus or reserve of money.

    Planning for your retirement becomes easy with a retirement or pension calculator. It is a tool that helps you arrive at an estimate of how much income or funds you will need in your post-working years. To come to an approximate estimate, a retirement calculator assesses several factors like your age, your desired retirement age, annual income, inflation rate, and so on.

    Benefits of Using Online Retirement Calculator

    A retirement or pension calculator is the quickest and clearest way of finding how much post-working income you need for the entire duration of your life after you finish active and paid work once and for all.

    Here are some guaranteed benefits of using a pension calculator:

    1. Gives you a clear approximate of how much income you will need:
    A pension calculator brings a lot of precision to your retirement planning journey. It is designed in a way to give you a customized estimate of how much monthly or annual income you will need in your golden years. It will also give you a clear cut suggestion on the amount you need to set aside every month to save up and reap profitable returns successfully for your retirement. It eliminates all vagueness and lays a clear path for you to follow. Moreover, it also gives you an idea of your goals in life and the milestones you want to tick off in the present and future.

    2. Accounts for various foreseen and unforeseen factors:
    An online pension calculator uses its own algorithm to factor in various parameters that contribute towards holistic retirement planning. For instance, it considers factors personal to you like your current age, desired retirement age, annual income, savings and investments earmarked for the future, and so on. It also accounts for factors not in your control, like the rising inflation rate of the country, the life expectancy, and other economic factors.

    It comes up with a figure that allows you to maintain your present lifestyle, achieve any goals for the future, and have enough to tackle any unforeseen expenses or emergencies. It is likely that if you do the calculation by yourself and on paper, it can take double the amount of time to come to an estimate.

    Types of Retirement Plans You Can Invest In
    PNB MetLife Guaranteed Future Plan

    PNB MetLife Guaranteed Future Plan

     

    PNB MetLife Retirement Savings Plan

    PNB MetLife Retirement Savings Plan

    PNB MetLife Immediate Annuity Plan

    PNB MetLife Immediate Annuity Plan

    PNB MetLife Guaranteed Income Plan

    PNB MetLife Guaranteed Income Plan

     

    PNB MetLife Endowment Savings Plan Plus

    PNB MetLife Endowment Savings Plan Plus

     

    This retirement plan provides you with:

    • Guaranteed income between 103% and 246% of the annualized premium you pay
    • Four income options – Endowment, Lump-sum, only income, lump-sum + income
    • Guaranteed life insurance protection that pays a death benefit to your family on your death
    • No tax deductions on the life insurance payout and guaranteed income
    • Accidental death and critical illness rider

    This retirement plan provides you with:

    • Guaranteed tax-free income for your second innings
    • Simple and reversionary bonuses on the guaranteed income
    • Part-payment of lump-sum on the maturity of the retirement savings plan
    • Guaranteed life insurance protection that pays a death benefit to your family on your death
    • No tax deductions on the life insurance payout and guaranteed income

    This retirement plan provides you with:

    • Regular income for a lifetime post-retirement for yourself and/or your spouse in your absence (joint life annuity option)
    • The option to receive increasing periodic income to double-battle inflation
    • Multiple payout/ annuity options – monthly, quarterly, half-yearly, and yearly
    • Guaranteed life insurance protection that pays a death benefit to your family on your death
    • No tax deductions on the life insurance payout and annuity income

    This retirement plan provides you with:

    • Guaranteed income in regular lump-sums once the premium paying term ends
    • Guaranteed maturity benefit if you survive the guaranteed income plan
    • Guaranteed life insurance protection that pays a death benefit to your family on your death
    • Health riders on the payment of extra premiums
    • Tax benefits under the applicable sections of the Income Tax Act, 1961

    This retirement plan provides you with:

    • Guaranteed maturity benefit once the premium paying term ends.
    • Simple and reversionary bonuses on the maturity and death benefit and even on surrender of the savings plan
    • Guaranteed life insurance protection that pays a death benefit to your family on your death during the policy term.
    • Waiver of the payment of future premiums on the diagnosis of a plan-listed critical illness (up to 35 life-threatening diseases covered under the savings plan)
    • Tax benefits under the applicable sections of the Income Tax Act, 1961
    Here are some other retirement planning pension plans from PNB MetLife you can consider:
    • PNB MetLife Guaranteed Savings Plan  
    • PNB MetLife Century Plan  
    • PNB MetLife Platinum Plan  
    • PNB MetLife Platinum Plus Plan  
    • PNB MetLife Saral Pension Plan  
    • PNB MetLife Super Saver Plan  
    • PNB MetLife Mera Wealth Plan 

    Factors one should consider while planning

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    Frequently Asked Questions

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    What is a Retirement Calculator?

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    A retirement calculator is an online calculating tool that helps in financial planning for retirement. It uses an algorithm to help come to an estimate of how much income you will need post-retirement. It also tells you how much money you need to save every month or year to build that successful retirement investment corpus. The retirement planning calculator does this by accounting for economic factors and other factors personal to you. These criteria include:

    • Your current age
    • Your desired age of retirement
    • Your annual income
    • Your monthly or yearly expenses
    • Your assets, savings, and investments
    • The retirement policy term
    • The average rate of inflation
    • The life expectancy age of your region
    • The desired rate of interest on your retirement investment

    It uses such parameters to come to an approximate value of how much post-retirement income will be sufficient to maintain your current lifestyle and tackle unforeseen eventualities.

    Why should you plan for your retirement?

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    For a peaceful and independent retirement, you require ample finance. This requires timely retirement planning. Here is why you should start planning for your golden years:

    • To get a clear idea of your life goals.
      Early retirement planning gives you a clear idea of how you want your life to be in your second innings. You get to realize the dreams that matter most to you – whether that includes travelling the world or unwinding every day with your loved ones.
    • To be financially independent.
      Without financial planning for retirement, you run the risk of losing your financial independence and might have to rely on your loved ones to get by. Early retirement planning helps you accumulate a large pension after retirement and maintain your self-reliance.

    How do I calculate the money I need to retire?

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    To calculate the money you need after retirement, you need to use a retirement corpus calculator in India, or a retirement planning calculator. This calculator is an online mathematical and analytical tool that uses a unique algorithm to come to an estimate of how much pension after retirement you require and how much you need to save and set aside per month to reach that amount. For this, the retirement planning calculator assesses various factors like:

    • Your current age
    • Your desired retirement age
    • Your annual income
    • Your monthly or annual expenses
    • Your assets, savings, and investments
    • The retirement policy term
    • The rising rate of inflation
    • The life expectancy age of your region
    • The desired rate of interest on your retirement investment

    You can also do the calculation yourself, but a retirement age calculator or monthly pension calculator simplifies the process for you.

    How is pension calculated?

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    Pension is the amount of money you need or receive after you finish your active working years. It is also known as a retirement corpus - it can be calculated on your own on paper, with the help of a financial advisor, or through the use of a personal pension plan or monthly pension calculator. The easiest way to calculate the post-retirement income you need and which types of pension plans will help accumulate that income is to use a retirement age calculator.

    All you have to do is enter personal details like your age, your desired retirement age, your annual income, savings and assets, and your monthly expenses. You also have to add other details like the inflation rate, retirement policy term, desired interest rate of the retirement investment, and anything else asked. Once you specify the necessary information, you only click on calculate, and you will get a clear estimate.

    Why Should You Plan for Retirement Early?

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    Planning for your retirement early not only gives you discounts on the various types of pension plans available but also lets you reap the most of retirement investment and compounding. Early retirement planning means you are starting at a fairly young age, which leaves enough room for your savings and investments to multiply and grow. Some of the best retirement investments become grounds for reaping high returns, including guaranteed pension plans that give you a regular income flow, government pension plans in India, and the best investment for a retirement lump sum.

    Moreover, planning early makes your retirement goals clear and straightens the path to achieve them. You get to understand what type of a life you want and how much income you will need to lead that life.

    How is the retirement amount calculated?                                                                                                         

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    The amount you need for a stress-free retirement can be calculated in several ways. You can calculate the retirement amount yourself, with the assistance of a financial advisor, or use an online retirement planning calculator tool. The simplest way to calculate your retirement amount is to use a retirement calculator. The calculator will ask for details like:

    • Your current age
    • Your ideal retirement age
    • Your retirement policy term (that will be your ideal retirement age minus your present age)
    • Your annual income and how much you can set aside for retirement investment
    • Your monthly or annual expenses
    • Your savings, assets, and present investments
    • The average inflation rates
    • The desired rate of interest on your retirement investments

    The retirement planning calculator will take this information and give you an approximate estimate of the income you will need. It will also tell you how much you need to save to reach that amount and what types of pension plans are ideal for you.

    How to calculate my ideal retirement corpus amount?

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    To calculate your ideal retirement amount and find the types of pension plans suited to your needs and financial capacity, you can take any of the following steps. You can calculate the retirement amount yourself, with the assistance of a financial planner, or use an online retirement planning calculator tool.

    To come to a retirement corpus amount by yourself, note down the following details:

    • Your current age
    • Your ideal retirement age
    • Your retirement policy term (that will be your ideal retirement age minus your present age)
    • Your annual income and how much you would like to set aside for retirement investment
    • Your monthly or annual expenses

    Subtract your monthly expenses with your monthly income. The figure you will arrive at will be the base amount you need every month after retirement. Add some extra percentage to it for unforeseen eventualities. Multiply this value with the inflation rate at the end of your retirement policy term. Multiply this amount with the retirement policy term. That is the approximate retirement corpus amount you need. You can even use a retirement age calculator and save yourself the time taken to calculate it yourself.

    How do I calculate my retirement age?

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    Calculating your retirement age is a simple and personal process. Everyone’s desired retirement age is different, but the average retirement age in India is between 60 to 65 years. You can either go with the average retirement age or set up your own ideal age for retirement. The retirement age is crucial in determining how much you can accrue from the various types of pension plans in India. It is also the marker of the duration of your retirement policy – that starts from your current age and lasts up to the desired retirement age.

    What is a good monthly retirement income?

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    A good monthly retirement income varies from person to person and is usually the amount of income an individual receives per month in their present. The average middle-class Indian needs around ₹40,000 a month for paying its expenses, saving, and investing. However, due to inflation, the value of money reduces, but the prices of goods and services increase every year.

    Taking the average inflation rate of 6% to 8%, the same individual would need around ₹1,50,000 a month in the next 20 or 30 years post his/ her retirement. Eventually, a good monthly retirement income would give retirement benefits that settle your expenses, tackles unexpected emergencies, and leaves enough for leisure.

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