• Financial Planning

    In finance, investment is putting money into an asset with the expectation of capital appreciation.

  • Mutual Funds

    When it comes to the world of investing, three words come to mind: overwhelming, intimidating, and scary.

  • Time for changes

    Bottoms in the investment world don't end with four-year lows; they end with 10- or 15-year lows.

Retirement Income And Expenses
Projecting your retirement expenses

As you get closer to retirement, you'll need to calculate the income you'll need to live comfortably. For now, you could estimate it will range from 60% to 90% of your pre-retirement income and be generated entirely from savings, Social Security and any other retirement plans you may have. Even if you envision a simple, modest retirement, your savings will have to generate enough income to last throughout your retirement.


Types of expenses
Some retirement expenses are likely to be similar to those you have now. Food and clothing, housing, taxes, utilities, transportation, insurance, personal care, recreation and entertainment will most likely be relatively consistent expenses throughout your life. The amounts you spend on these categories may shift as your life changes, however. For example, you may move to a smaller home, relocate to a different area, Educational expense would cease, Medical expense could go up and so on. 


Health care expenses

As you age, your need for health care will most likely increase. While there's no way to plan for exactly what you'll need, it's best to expect health care to be a major part of your retirement costs.


Accounting for inflation

Over time, inflation increases your expenses. For example, at just 3% a year, prices double in about 25 years, and at 4% a year, they double in just 18 years. You retirement may be even further away — and last longer than these periods. To live comfortably, your income will have to increase year over year to maintain the same standard of living. In a developing country like India, Inflation is bound to be high and accounts for a major component for your retirement planning.


To protect against rising costs, you have to factor inflation into your assumptions about retirement income and expenses. A financial advisor can show you how to do this, so that your estimates are as realistic as possible.


Although retirement may seem far off, now is the time to plan for success. Dhulji Advisory can help develop a plan for saving and investing that will take advantage of the years ahead, so you're ready when retirement arrives.

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