To calculate your ideal retirement amount and find the types of pension plans suited to your needs and financial capacity, you can take any of the following steps. You can calculate the retirement amount yourself, with the assistance of a financial planner, or use an online retirement planning calculator tool.
To come to a retirement corpus amount by yourself, note down the following details:
Your current age
Your ideal retirement age
Your retirement policy term (that will be your ideal retirement age minus your present age)
Your annual income and how much you would like to set aside for retirement investment
Your monthly or annual expenses
Subtract your monthly expenses with your monthly income. The figure you will arrive at will be the base amount you need every month after retirement. Add some extra percentage to it for unforeseen eventualities. Multiply this value with the inflation rate at the end of your retirement policy term. Multiply this amount with the retirement policy term. That is the approximate retirement corpus amount you need. You can even use a retirement age calculator and save yourself the time taken to calculate it yourself.