Reflecting on Retirement Planning: A Follow-Up
My Journey
About seven months ago, I shared my thoughts on retirement planning.
Recently, I’ve taken this reflection a step further, thinking not just about the investments we make, but also about how we assess our readiness to retire.
There are many tools on internet to calculate the retirement amount based on SIP today. Not many tell us how much should that amount be? My goal was to arrive at a number, where I will remain financially independent for the rest of my life, post retirement.
I wanted to QUANTIFY it. Put a number to it, create various "What-If" based models from it.
This ongoing journey has led me to create a simple tool to help visualise where I stand and what might still be needed to get to my retirement package.
Download this spreadsheet based tool and create your on retirement financial mode.
https://docs.google.com/spreadsheets/d/1DpENs2QXhbhoADUi93vxMsEcQHcerwL1AK--F0yJnAA/edit?usp=sharing
This tool gave me some personal yet startling insights:
1) Post retirement investment impact is as impactful as your current investment planning.
2) Health and Fitness play a HUGE role in your retirement planning.
3) Important of starting investment journey early in life
Sounds clichéd? NOT so much when you are able to QUANTIFY the impact.
Go ahead, and use that calculator to check how it impacts you.
Remember. This is NOT to a tool to tell how to invest today. This is to tell you, how much will you need tomorrow.
The document has multiple hidden sheets with just two sheets visible. One for READ ME and other for Input variables and the result. Feedback is always welcome.
#RetirementPlanning #FinancialWellbeing #ContinuousImprovement #PersonalFinance
Cotton Value chain expert with new out of the box change. Demand based supply and quality based pricing is the only answer. Can bring revolutionary change in these both. Try it with me.
2 个月Well said!
Principal Cloud Architect | JDE | OCI | Ex Deloitte
3 个月Thank you Rahul for sharing such a helpful and easy-to-understand guide on how much we need for retirement. It's motivating to see a clear goal and really helps us plan for the future. I have a couple of clarifications: 1. Does the monthly expense include EMIs as well? 2. How much should we account for a flat or land purchased as an investment? Or is it just the investments considered which we can liquidate? It's great to see a specific target, and it definitely inspires us to stay focused on achieving that figure. Thanks again for sharing!
JD Edwards Sales and Distribution- Project Lead/Manager Certified Scrum Master
3 个月Great advice!
Rover | Seasoned Global Executive 33+ Years Expertise | IIM Lucknow | IIM Jammu | GCC-GBS-SSC ->Strategy, Setup & Execution | Thought Leader | Digital Xn Enabler | GenAI Enthusiast | Pilgrim | Learner 4 Life | Director |
3 个月Rahul Dharashivkar Thanks for sharing..... a 'must do - early in the career' basic hygiene...that most pay less attention to with their focus firmly on (short term) current needs. While we could have a ball park number on mind....it will still evolve with contingencies more to be factored around Controllables (COLA & Inflation)...Uncontrollables (Dynamics - Global - Regional - Local) will remain. That said this is a continuous activity than a one time effort !