BQPortfolio: How To Avoid The Biggest Retirement Planning Mistakes
Prasad Krishnapurkar needs much more than he thought he did for his retirement in 2038
BQPortfolio speaks to citizens from across India about their financial goals and helps them access expert advice on how to achieve them.
If someone asked you how much your monthly expenses would be after you retire, would you have a ready answer? If you’re several years away from that momentous date, it’s quite likely that you won’t have a clear response.
To figure this out, the first thing you must do is calculate how much you’re currently spending every month. Then, and this is what most people forget, you must account for inflation.
Inflation causes the cost of everything from milk and bread to healthcare and entertainment to rise every year. If the prices are estimated to increase consistently for the next 20-30 years, clearly, your monthly spend would be much higher than it is today.
On BloombergQuint’s special show, Portfolio, 39-year-old Prasad Krishnapurkar speaks to Kartik Jhaveri, director at Transcend Consulting, to find out how much he should save to maintain his current living standard after he retires in 20 years.