The general rule of thumb is that a working person should set aside at least 10-15% of their monthly income for retirement investments. While this is an excellent place to start your retirement plan, it may not be sufficient to meet all your financial needs post-retirement.
You also have to factor in how much your monthly income will reduce after your retirement. For most people, monthly income reduces by about 75% after retiring. By factoring in inflation rates, potential expenses, and the anticipated drop in revenue in the retirement planner, you can arrive at how much you need to save to be able to live a hassle-free retired life.
Most financial experts agree that a corpus of Rs. 1 crore earmarked for retirement is a good goal to aspire to. However, it is essential to keep in mind your specific expenses, income, and hopes for the future to get a retirement corpus value that fits your needs.