Retirement and Pension Calculator

Retirement planning refers to creating a long-term financial plan to accumulate funds for your life after retirement to manage routine expenses, future financial commitments, and other unprecedented emergencies. You can choose a retirement pension plan, depending on whether you want to receive a guaranteed³ regular income or if you want a lump sum benefit from your retirement corpus.

Planning for retirement is necessary to ensure adequate funds to manage the expenses of life after retirement, unprecedented emergencies, funds for your retirement goals and dependent family members to lead a peaceful life without compromising the current lifestyle.

It is important to use a retirement calculator before planning to invest in a retirement plan for the following reasons:

• To determine the affordable premium for the required annuity amount

• To find the right policy features, such as the premium payment term, premium payment mode, and annuity option, that will suit your financial needs

• To make well-informed decisions on long-term financial planning

• To ensure the necessary funds to lead a dignified lifestyle without compromising your lifestyle.

The amount you need to save or regularly invest for your retirement will depend on your current income and retirement needs.

• Determine retirement needs - While determining your retirement needs, you need to consider your current lifestyle, routine expenses, medical expenses, and other specific financial needs. In addition, you need to account for the inflation rate to adjust the requirements to suffice for the needs pertaining to later years of life after retirement.

• Find the amount to save - Further, consider your current income and expenses to determine how much you can save for the above-determined retirement needs regularly over the desired period without affecting your lifestyle. It can be 10% for a 20-year-old, 15% for a 30-year-old, and so on. The desired period can be the number of years to retirement or until you accumulate the required corpus.

Click here to learn more about how to calculate the retirement corpus.

The pension amount can be calculated using a pension calculator based on the amount you can invest in the retirement plan, affordable premium payment term, premium payment mode and the desired annuity option. It should be aligned with your basic and major financial requirements for life after retirement.

When planning for your retirement, you need to consider various factors such as your routine expenses, retirement goals, future financial commitments, inflation, medical expenses, retirement age, dependent family members, and unprecedented emergencies. 

Yes, you can calculate the premium and the annuity amount for your retirement plan with the help of our Tata AIA Life Insurance Retirement and Pension calculator.

The amount you need to retire comfortably will depend on your current lifestyle, expenses, and future financial commitments. However, generally, a 30X thumb rule is popularly accepted. It means your retirement corpus should be 30 times your current annual expenses to retire and live comfortably.

If you purchase a traditional pension plan that only helps you save for your retirement, you may not be able to avail of a life insurance cover to protect yourself and your family. However, at Tata AIA, we offer retirement plans that come with a life insurance cover that is meant to secure your loved ones in case of an emergency.

There are mainly two types of annuity plans: immediate and deferred annuity plans. Immediate annuity plans start providing the pension amount immediately after you purchase the retirement plan, and the deferred annuity plan provides the pension amount starting for a later date after you purchase and start investing in the pension plan.

If you want to buy a retirement plan from Tata AIA Life Insurance, you can visit our official website for retirement plans or connect with us.