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Retirement Period = 20 years. (Life Expectancy of 80 years \u2013 Age of Retirement of 60 years). = 1.89%/12 = 0.001575. PMT = Inflation adjusted monthly income at retirement = 18,02,586/12 = Rs 1,50,215.
A good way to begin to estimate retirement expenses is to use your current monthly income as a starting place, and then add and subtract any expenses you expect to change in retirement.
Retirement experts have offered various rules of thumb about how much you need to save: somewhere near $1 million, 80% to 90% of your annual pre-retirement income, 12 times your pre-retirement salary.
The formula is simply a person's age divided by 20. The resulting number is the percentage of savings a person can spend over and above any Social Security, pension or annuity-type income. For example, a person who is age 70 can safely spend 3.5% of their savings (70 ÷ 20 = 3.5).
According to the Bureau of Labor Statistics, an American household headed by someone aged 65 and older spent an average of $48,791 per year, or $4,065.95 per month, between 2016 and 2020.
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Your essential average monthly expenses in retirement fall into categories such as household, transportation, living expenses, family care and medical/health. These are necessary retirement expenses that you may not be able to live without.

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