Retiring at 55: How much do I need to maintain my lifestyle?

Ans: To determine how much you need to retire in another 5 years, we'll need to assess your current investments and estimate your future expenses. Here's a rough breakdown:

Current Investments:
Mutual Funds: 27 lac
SBI Life Privilege Plan ULIP: 30 lac
EPF: 45 lac
PPF: 32 lac
Plots: 45 lac
Future Expenses:
Monthly Expenses: 60,000 to 75,000 INR
Retirement Planning:
Estimate your annual expenses in retirement by multiplying your monthly expenses by 12. Let's assume it's 9 lakhs to 11.25 lakhs per year.
Multiply your annual expenses by the number of years you expect to live in retirement. Since you plan to retire at 45 or 47 and may live until 80 or beyond, let's assume you'll need retirement income for 35 to 40 years.
Factor in inflation to adjust for the increasing cost of living over time. A conservative estimate of inflation is 5% per year.
Given these assumptions, you can use a retirement calculator or consult with a financial advisor to determine the lump sum amount you'll need to retire comfortably. They can help you assess your current investments, estimate future expenses, account for inflation, and identify any gaps in your retirement plan. Adjustments may be needed based on your risk tolerance, investment returns, and other factors unique to your situation.

Ans: It's great that you're thinking about your retirement and planning ahead. Here are some steps to help you determine how much money you'll need to retire comfortably:

Calculate Your Retirement Expenses: Start by listing down all your current monthly expenses, including essentials like housing, utilities, groceries, healthcare, and discretionary spending. Add an inflation buffer to estimate future expenses.
Determine Your Retirement Age: Decide at what age you want to retire. Since you're 45 now, consider how many years you have until retirement.
Estimate Your Retirement Income: Assess all potential sources of retirement income, such as pensions, annuities, Social Security, and investment income.
Calculate the Gap: Subtract your estimated retirement income from your projected retirement expenses to determine how much additional income you'll need from savings and investments.
Determine Required Corpus: Once you have the annual shortfall in retirement income, multiply it by the number of years you expect to be retired. This will give you an estimate of the total corpus required to cover your retirement expenses.
Adjust for Inflation: Remember to account for inflation when calculating your retirement corpus. Inflation can erode the purchasing power of your savings over time, so it's crucial to plan for it.
Consult a Financial Planner: Consider seeking guidance from a Certified Financial Planner to help you create a personalized retirement plan. A professional can provide valuable insights and recommendations tailored to your financial situation and goals.
By following these steps and consulting with a financial planner, you can determine how much money you'll need to retire comfortably and develop a strategy to achieve your retirement goals. Remember, it's never too late to start planning for retirement, and taking proactive steps now can help secure your financial future.