How should you calculate your retirement corpus? Here are 6 steps

An essential element of financial planning is setting retirement goals that many investors tend to overlook. Being able to decide how much money we would need 30-40 years later can be a tad difficult, especially, while looking at today’s unsure times when inflation is at an all-time high. What you need is a bit of focus on today’s income, evaluating how much you would need to spend on the same post-retirement, possible expenses, and then deciding on the correct method to arrive at the much-needed retirement corpus. While estimating the amount that you must have in your retirement fund, you must remember that this is the money that you and your spouse would need to take care of living expenses while you would be having no access to regular income like today. Use the retirement calculator If you are not sure how much you must invest to earn a particular retirement corpus that you may have in mind, it is best to put in the details of your investments and your investment tenure to arrive at the value of the corpus.