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Retirement Calculator

Using a retirement calculator to plan for your golden years is important to ensure uninterrupted financial support for enjoying a worry-free retired life. The retirement calculator helps you to set a clear savings target based on your income and age, and proves to be a handy tool.

 

How much do you spend monthly?
10,000 50 Crore
Minimum amount is 1 Lakh
How Many Years Are You Planning To Work For?
5 years 30 Years
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For how many years you would require funds to cover your monthly expenses post retirement?
10 Years 30 Years
What’s your expected rate of inflation rate
3% 8%
What’s your expected annual rate of return
8% 15%
Basis on your current expenses per month ₹ 10,000
Your required corpus at retirement would be
₹ 9,73,433

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Written ByPalak Bagadia
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Palak Bagadia, Associate – Digital Marketing at Bajaj Life Insurance, with experience spanning content and performance marketing, recruitment, employee engagement in the BFSI industry, with a strong understanding of the insurance sector.
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Reviewed ByRosy Pathak
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Rosy Pathak, AVP- Product and Brand Marketing at Bajaj Life Insurance carries over 17 years of experience in Marketing and a demonstrated history of working in the insurance industry. She is skilled in Product Management, Planning and Strategy, Project Management, Marketing and Communication.
Written on: 06th November 2025
Modified on: 07th November 2025
Reading Time: 10 Mins
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What is a Retirement Calculator?

Retirement is that phase of life when you stop working and may not have a regular source of income. However, your expenses do not end, and you need a retirement corpus to help you fund them. This is where a retirement calculator comes in handy.

A retirement corpus calculator is an online tool that helps in figuring out how much money you can set aside for your golden years by saving regularly from your income. It considers several factors such as your age, income, desired retirement age, investments, savings amount and expenses to calculate your retirement corpus. The calculator then provides projections to help you understand your expenses after retirement and how much you should save to manage such expenses.

How does a retirement calculator help you plan your retirement?

A retirement calculator acts as an effective tool for retirement planning by providing foresight and clarity to one’s financial goals and needs. It helps you to anticipate the funds you will require after retirement, considering your current expenses. Here are some ways in which a retirement calculator can help in planning your retirement:
01

Financial assessment

The calculator assesses your monthly income, years to retirement, average lifespan, expected inflation and expected returns from investments. Based on these factors, it generates the retirement corpus that you would need. This gives you an idea of the savings you need to create for a financially comfortable life.

02

Financial planning

The calculator not only helps you find the suitable retirement corpus; it also helps you plan for it. With the Bajaj Life Retirement Planning calculator, you can choose suitable retirement-oriented life insurance plans and start building your retirement fund.

03

Individuals with debts

If you have any debt, you may want to ensure it does not affect your family’s financial future, by considering buying a term plan. The support provided by the term plan may help them pay off these liabilities in your absence.

How does a Retirement Planning Calculator work?

Here’s how the retirement planning calculator works –

  1. First, you have to provide your average monthly expenses. This includes your basic household expenses, utility bills, lifestyle expenses, etc.
  2. Next, provide the number of years for which you plan on working. This depends on your current age and retirement age. For instance, if you are 30 and you plan to work till 65, the number of years till retirement will be 35 years.
  3. You also need to mention how many years you plan your retirement corpus to last. In other words, after retirement, how long do you want your corpus to pay for your lifestyle expenses?
  4. Enter the expected inflation rate, which you can get based on the past inflationary trends.
  5. Also, provide the expected annual return on your savings
  6. Based on these inputs, the retirement planning calculator will find the average retirement corpus that you would need post-retirement.

Importance of Retirement Planning - Age-Wise

Retirement planning isn’t one-size-fits-all. Each individual has unique life goals, income levels, and responsibilities, so the most suitable plan will vary from person to person. Here’s how you can start, as per your age:

  1. In your 20s, retirement may feel distant. That is why it’s considered the right time to begin. You’ve got plenty of time to see the magic of compound return on your savings. Also, the lower the age, the lower the premium to be paid.
  2. By your 30s, life gets more complex. You may have more responsibilities, but your earning power also grows. This is when you can start long-term investments to create a financial safety net for various milestones of life.
  3. Enter your 40s, and financial responsibilities increase further with home loans, education cost of your kids ,  other family related expenses etc . Retirement should remain a focus. If you haven’t started earlier, it’s time to invest a suitable amount which will help you create a corpus for your retirement .
  4. In your 50s, retirement is almost knocking at your door. You might be free from earlier financial burdens, but now you need to build a reliable corpus  quickly. It’s can be a smart move to transition to safer investments and use surplus funds to catch up. You should choose annuity plans or periodic income instruments to sustain your lifestyle.

A retirement calculator aids in deciding the right amount to invest as per your age and financial obligations.

Steps for Retirement Planning

Once you find out the retirement corpus needed, you can start planning for it. To do so, here are some steps that can help –


  1. Assess your disposable income:

    Before you start saving up for retirement, you need to assess how much savings you have at your disposal. To do this, you have to find out your disposable income, i.e., total income minus total expenses. This income can be allocated to investments for different financial goals.


  2. Start investing for retirement:

    The next step is investing. If your retirement is far off, you can start by saving a small amount of your disposable income towards it while a major chunk is invested towards short-term and other prior goals. On the other hand, if you will be retiring in the next few years or within the next 5-10 years, retirement planning will become important. Assess your financial goals and check how much you can put aside for retirement.


  3. Choose suitable plans:

    Once you have allocated a portion of your disposable income for retirement, the next step is to invest it in suitable avenues. When it comes to retirement planning, life insurance pension plans can be a good choice. You can choose deferred annuity plans and build up a retirement corpus. You can also choose ULIPs for market-linked returns and a good retirement corpus. Other investment plans you can consider include mutual funds, shares, National Pension System (NPS), fixed deposits, etc.


  4. Regular review:

    Retirement planning is not a one-off activity. After you start investing towards your retirement fund, you need to review it regularly to ensure that your retirement plan is on track. The review usually involves two steps. Firstly, you check whether the expected retirement corpus is still relevant. Increased inflation, increased post-retirement goals or higher expenses might require enhancing the retirement corpus. In such a case, you also need to increase your investments. Secondly, check how your investments are doing. If your investments are not delivering the expected returns, you can manage or change them to enhance their return potential. For instance, say you have invested in a pension ULIP, and the selected fund is not performing well. In this case, you can switch to a better-performing fund for better market-linked returns.

Reasons for having a retirement plan

Some reasons why a retirement plan is needed are as follows –

1. Comfortable retirement

With a retirement plan in place, you can create a retirement corpus for your golden years. When you have a corpus, you can be financially independent and lead a comfortable life without needing financial assistance from anyone.

2. Regular income

Retirement plans offer guaranteed* regular payments in your golden years. This pension becomes a source of regular income, which can replace the income that you have lost after leaving your employment or business. Furthermore, the income can help you meet your financial goals after retirement, like taking a vacation, buying a retirement home, etc.

3. Estate planning

If you want to leave behind a financial corpus for your loved ones, a retirement plan can help with that, too. With the commutation benefit available, you can commute a part of your corpus in cash and plan a legacy with it. Moreover, if you choose the annuity option, which returns the purchase price on demise, your loved ones will get a lump sum financial benefit after you pass away.

Top 5 Benefits of using a retirement calculator

The retirement calculator is a user-friendly financial tool that can be used by individuals to estimate their retirement corpus. It factors in inflation to calculate the future value of investments, and considers various expenses to project the future financial requirements of an individual.

Using an online retirement calculator offers the following benefits:
01

Tailored retirement goals

Different individuals have diverse retirement aspirations and goals. Some individuals plan their dream home after retirement, and others want to explore the world. Each goal requires funds. A retirement calculator provides an estimate of the amount required to attain these post-retirement objectives.

02

Better Financial clarity

A retirement calculator factors in variables such as investment duration, expenses, and inflation to provide an estimate of the retirement fund. This clarity provides a clearer image of the necessary investment and understanding of the financial steps to be adopted to create the calculated corpus.

03

Convenience

Manual calculation of a post-retirement corpus involves complex computations considering investment returns and inflation rates, which can be lengthy and tedious. Using a retirement calculator simplifies the entire process significantly, making it efficient, convenient, and accessible for investors.

04

Promotes Early Financial Discipline

With the retirement calculator, you can find out how delaying retirement planning can affect your corpus. This can help develop a disciplined savings habit from an early age so that you can give your savings time to grow and create a good corpus.

05

Protects Long-Term Value Against Inflation

Inflation tends to decrease the purchasing power of money. As such, you would need an optimal corpus after retirement to meet your inflated lifestyle expenses. The retirement planning calculator factors in inflation and helps you know how much corpus you would need after retirement and how much to save to achieve the calculated corpus.

How to invest for early retirement?

When it comes to retirement, investing early is the key to building a good corpus. This is because of the following reasons –

Step 1: Compounding can deliver exponential returns when you give your investment time. The longer the tenure, the higher the corpus you accumulate, so start early.

Step 2: With a long-term investment horizon, you can save in small amounts and still build up a good corpus, thanks to the power of compounding.

Step 3: When you start early, you might have a higher risk-bearing appetite. You can invest in equity funds of ULIPs and get good returns, associated with risk, on the premium you invest.

So, early investment has many benefits. To start investing early, here are some tips that can help –

  • Start saving a part of your income right after you get a job and start earning.
  • Invest in a disciplined manner and avoid withdrawals or the temptation to use the retirement corpus for any other financial goal.
  • Choose a suitable investment avenue to build your retirement corpus.

How much to save for retirement?

While the retirement calculator can help you plan for retirement, you need to know how much you should save.

The amount of savings depends on a lot of factors. Some of them include the following –


  1. Disposable income

    The first thing determining how much you can save for retirement is your disposable income, i.e., income left after meeting your expenses. This income can be allocated to investments and determines your saving capacity. If your disposable income is high, you can save more, but if it is limited, your savings might also be limited.


  2. Investment tenure

    The next factor is the investment tenure. If you start saving early, you have a long-term investment horizon. This allows you to save in small amounts and still build up a good retirement corpus with the power of compounding. However, if your investment tenure is limited, you need to save more to create the desired corpus.

    For instance, say you start investing at 30 years of age and plan to retire at 65. You have 35 years of investment tenure. If you want to create a corpus of ₹2 crores at an assumed interest rate of 12% p.a., you can save ₹3250 per month and build up a corpus of ₹2.09 crores. On the other hand, if you start investing at 40 years of age, your investment tenure reduces to 25 years. In this case, you will have to save ₹11,000 per month to create a corpus of ₹2.06 crores.

    [Future Value= (Rate=12% p.a., i.e. 12%/12, total number of payment period=35 years *12 months, i.e. 420, each payment=3250, Present Value=0) to get Rs. 2.09 crores.

    For the second calculation, Future Value = (Rate=12% p.a. , i.e. 12%/12, total number of payment period=25 years *12 months, i.e. 300, each payment= 11000, Present Value=0) to get Rs 2.06 crores]


  3. Other financial goals

    Your other goals also affect your retirement savings. You try to save for those goals, too, which reduces your disposable income and your ability to save for retirement.

    For instance, if you have a monthly disposable income of ₹20,000 and you have to save for buying a home, marriage and retirement, the previous two goals will take precedence over retirement. You might allocate ₹8000 each for the first two goals and the remaining ₹4000 for retirement. On the other hand, if you only want to plan for marriage and retirement, you can save more towards retirement.


  4. Expected returns from investment

    The expected returns from investment also determine how much you save. If you expect to earn high returns, you can save less and still create a good corpus. However, if the returns are low, you need to save more to create the desired corpus.


  5. Calculated retirement corpus

    The corpus that you want to create for retirement will affect your savings. A higher corpus will require higher savings than a lower corpus if the interest rate and investment horizon are constant.


  6. Inflation rate

    Inflation increases the prices of goods and services and thus affects your retirement corpus. If it increases the retirement fund, you will have to save more to tackle the inflationary effect.


  7. Existing assets

    Existing assets can help you fund your needs after retirement. As such, they reduce the required retirement corpus, which can be achieved with lower savings.


  8. Existing liabilities

    If you have existing liabilities that might continue even after retirement, you will need a bigger retirement fund to factor into the repayment of the outstanding debt. As the retirement corpus increases, so does the savings needed to build it.

    Factor in these parameters when using the retirement calculator in India and plan your retirement effectively.

The impact of inflation on retirement savings

Inflation means a general rise in the price of goods and services. It is a common effect of economic growth. Inflation causes an increase in monthly expenses over time. As such, inflation is considered when calculating a suitable retirement corpus. The expected expenses post-retirement are calculated considering an average inflation rate every year. Then, the retirement corpus is calculated as sufficient to cover the inflated expenses.

Thus, inflation is important when calculating an adequate retirement corpus using the retirement planning calculator.

Key Takeaways

  • The retirement planning calculator is an online tool that helps you estimate the corpus needed for retirement and how to save for that.
  • You have to enter your income, age, savings, inflation, and other aspects in the retirement calculator to find out how much corpus would be needed.
  • You should plan for retirement at every stage of your life so that you can lead a financially comfortable life in your golden years.
  • When you plan for retirement, assess your disposable income and start investing in suitable plans.
  • Some of the benefits of using the retirement calculator include ease, convenience, quick calculations, etc.
  • Factor in the effect of inflation when planning a retirement corpus.
  • Bajaj Life Insurance Company offers a range of retirement plans that can help you save for your golden years.

Conclusion

For a financially comfortable life after retirement, it is better to plan a retirement corpus in advance. The retirement corpus calculator can help you in this respect as it can calculate and show the estimated retirement corpus that you would need. The calculator factors in your average expenses, inflation rate, years to retirement, assumed rate of return, etc., to find an adequate corpus.

Moreover, the calculator is free of cost. You can calculate the retirement corpus multiple times without any restrictions. So, use the retirement fund calculator to find out your retirement fund and start investing towards it with suitable life insurance retirement pension plans.

Frequently Asked Questions

1. What is a retirement corpus?

A retirement corpus is the total savings or funds an individual requires to accumulate by the time they retire. The corpus is meant to support their financial requirements post-retirement when they are not working. A planned retirement corpus ensures a secure and comfortable post-work life. Factors such as expected lifespan, retirement goals, inflation, and healthcare costs are considered to determine the necessary annual savings amount.

2. What are the types of retirement plans?

There are two types of retirement or pension plans, including Immediate Annuity Pension Plans and Deferred Annuity Pension Plans. In an immediate annuity pension plan, you pay an upfront lump sum payment, and the annuity income starts immediately in deferred annuity pension plans, you can invest during your working years and plan to build a retirement corpus.

3. Is ₹1 Crore enough to retire?

The necessary retirement corpus is not uniform for all individuals. It depends on various factors, such as your lifestyle, inflation, expected expenses, and investment returns. So, you should consider these factors and calculate the adequate corpus. Depending on your financial needs, it can be ₹ 1 crore or more.

4. Why is retirement planning important?

Retirement planning is important to create a corpus that you can use in your golden years when your active source of income stops. Retirement planning helps you live a financially comfortable life after retirement.

5. How can I ensure financial support for my family during retirement?

You can create a retirement corpus which is adequate to support you and your family during retirement. If you buy an  annuity plan, you can choose the joint life annuity option to ensure that your spouse continues to receive the annuity payouts if you predecease them.

6. Can retirement planning cover future medical expenses?

Yes, if you create an optimal retirement corpus, it can be used to cover future medical expenses.

7. Is immediate annuity plan one of the best way to invest after retirement?

Immediate annuity plan to create a source of regular and guaranteed* income after retirement. Use the annuity calculator to find the annuity income you can receive. Other investment options would depend on your needs and financial goals.

8. What retirement goals should I set to ensure financial security?

It is recommended to start saving early for your retirement corpus so that you can create a suitable corpus for your older ages. Also, buying a life insurance plan is recommended, which can provide financial security during your active working years.

9. How much do I need to save for a comfortable retirement?

You need to assess your income, expenses, financial goals, inflation, number of dependents, etc., to assess the adequate savings needed for a comfortable retirement.

10. Is my retirement income fully taxable?

The annuity income that you receive would be taxed in your hands. The taxability of other forms of income would depend on the source of income.

11. What is the biggest financial risk after retirement?

The biggest financial risk can be the risk of your retirement corpus running out before your expenses are met.

12. When is the right time to start planning for retirement?

It is recommended to plan for your retirement as early as possible. Starting early would allow you to save small amounts and still create a good corpus with the power of compounding.

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IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER

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%%Above illustration is for Bajaj Life eTouch- A Non-Linked, Non-Participating, Individual Life Insurance Term Plan (UIN:116N172V04) considering Male aged 24 years | Non-Smoker | Policy Term(PT)– 30 years | Premium Payment Term (PPT)– 30 years | Sum Assured opted is Rs.1,00,00,000 | Online Channel | Standard Life | 1st Year Premium is Rs. 6,051. 2nd Year onwards premium Rs. 6,460. Total Premium Paid is Rs. 1,93,391 | Medical Rates | Yearly Premium Payment Mode | Death benefit opted is lumpsum payout and monthly instalments (Lumpsum Payout Percentage: 45, Income Payout Percentage:55) | Premium shown above is inclusive of Online Discount only and exclusive of Goods & Service Tax/ any other applicable tax levied, subject to changes in tax laws, and any extra premium and is for illustrative purpose only.

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For more details on risk factors, terms and conditions, please read sales brochure carefully before concluding a sale. The terms and conditions of product/plan as contained in the Policy Document issued by the Company is available on the Web Site. The names of the Company, Products/Plans/funds do not indicate the quality and its future prospects or returns. IN ULIPs, THE INVESTMENT RISK IN THE INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER. Unlike traditional products, Unit linked insurance products are subject to market risk, which affect the Net Asset Values & the customer shall be responsible for his/her decision. Tax benefits are as per the prevailing Income Tax Laws including the Income Tax Act, 1961 and are subject to change from time to time. Goods and Services Tax will have to be borne by the Policyholder as per applicable rates. All other charges shall be levied in accordance with the terms and conditions of the policy.

This calculation and results displayed are based on information provided and certain assumptions about the rates of return. It is for assistance only and does not constitute an offer or solicitation. It is not intended to be and must not alone be taken as the basis for an investment decision. Kindly note that the returns are only illustrative and they are not guaranteed. The returns do not indicate the upper or lower limits of the return that you may get with your policy and the value is dependent on a number of factors including future performance. Bajaj Life Insurance Limited shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information reported by the calculator.

1©2021 Morningstar. All Rights Reserved. The Morningstar name and logo are registered marks of Morningstar, Inc. The information, data, analyses and opinions ("Information") contained herein: (1) include the proprietary information of Morningstar and its content providers; (2) may not be copied or redistributed except as specifically authorized; (3) do not constitute investment advice; (4) are provided solely for informational purposes; (5) are not warranted to be complete, accurate or timely; and (6) may be drawn from fund data published on various dates and procured from various sources. Morningstar, its affiliates, and its officers, directors and employees shall not be liable for any trading decision, damage or any other loss arising from using the Information. Please verify all of the Information before using it and do not make any investment decision, except upon the advice of a professional financial adviser. Past performance is no guarantee of future results. The value and income derived from investments may go down as well as up

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