Better late than never

Despite getting the short straw, Manisha, a single mother, has accomplished quite a few life goals. The 45-year-old owns a home, for which she pays a Rs 23,000 EMI, as well as a Rs 28 lakh war chest for her 13-year-old son's education and wedding expenses. But what she doesn't have is the money to fend for herself during her retirement years. She currently has just Rs 10 lakh as provident fund money, which is grossly insufficient. So, a cognisant Manisha reached out to us with two queries: How much money does she require to finance her retirement? What does she need to do to build her retirement kitty? The magic number Let's tackle the first question. Manisha's take-home salary is Rs 1.4 lakh every month, of which around Rs 93,000-98,000 are her monthly expenses. Many believe their monthly expenses will decrease after retirement. But that's rarely true. Healthcare costs, travel aspirations and leisure activities tend to creep up as we

This article was originally published on May 15, 2024.