Things you must know about your retirement By Manish Shah.

You’re truly on your own

This is true. As you approach your desired retirement age, you will find that your children start living by themselves. They will move out to study or start working in another city, or get married and settled abroad. With little choice left, you will have to look after yourself. Besides, retirement planning doesn’t provide the luxury of assisted aid.
There’s always help available to cover you while making important life decisions. Home loans to help you buy your first (or second) house, education loans and scholarships for your children’s education, loans to buy your car, etc. But when was the last time you heard of a loan to retire well? Sure, there are reverse home loan mortgages but the amount you get every month is a pittance. So, be sure to take this goal seriously as no one else will.

People are living a lot longer – so might you

It’s fairly common for people to live well into their eighties. For many, that’s at least 20 to 25 years of retired life. Put differently, you could have almost as long retired life as your working life. While it’s great to live longer, you also have to think about providing for yourself for that much longer.
Below is a calculation depicting how much a couple, aged 35 and 33, would require to save for retirement.

The factors taken into account while making the calculation include the couple’s monthly expenses and the age when they both intend to retire.

Understand how much you will need

This is the crux. And it’s not as simple as just inflating your current expenses at a certain inflation rate to arrive at a scary number that you will need to save in order to retire well. We created a BigDecisions retirement index based on 20 years of household data to help you more accurately estimate which expenses will go up only marginally because of lifestyle and family size changes as you age (like leisure and food) and those that will gallop ahead (like healthcare). This information can help you plan better for a comfortable retired life. The answers from our tools are likely to positively surprise you.
KINGSMITH.