I am asked this question everyday….
“how much money do I need as a corpus if I have to retire today?”
well if you think you will live 30 years in retirement…you need about 40 times your annual expenses (at retirement age).
So if your monthly expenses are about Rs. 75,000 per month when you are 52…chances are it will be Rs. 1.5L at your age of say 60.
So 1.5L * 12*40 = Rs. 7.2 crores.
well $ 1.5 to 2 million is not a bad number to target…
of course there are far superior calculators available on the net…this is just quick and dirty…but when i talk like this..nobody likes it!
but not too many people have been able to dispute it either..it is actually a Charles Schwab ‘quick’ calculator..and I have seen it work.
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