When we were young, energetic & capable then doesn’t think much about after retirement life. As per current family rule there are very rare possibility of joint family. Means when children become able to sustain/ enjoy or engaged in their private life. They will like to live away from their parents. Also they wants explore their life and achieve their desire. So if not the above situation but for their carrier they have to left or some parents force them to leave for their better life. This case, what I can say is very common in the middle/lower income group.
Whatever will be the case ultimately only you and your spouse or partner will remain for fighting from odd-even of life. In that case if you will have good financial support, then you can at-least reduce half of your problem. Keeping such thing in mind I tried to find out solution as below. That may not be prefect but I can assure you, that to a lot of extent it can give you a picture or help you for planing your old days.
This calculation is suited for all currency. Just you have to put only numerals of your country’s currency. All * marks are required to be filled. For inflation and FD only fill numeral part.
This last money will be extra money and can be used for gifting to your grandchildren or for your health surprise or any other odds. This will not remain constant but will reduce year by year because your principal will also reduce. But that will not affect your daily planning. You can enjoy life at same rate upto end.
Above suggested money requirement will reduced if you will have any other source of money after retirement. As in the case if you will have source of rent income, have some small business income or you engaged in a some temporary job. So in this case try to build corpus according to that. Most important thing what I will suggest doesn’t ruin your present life to gain above but try to make balance between present and future.
Hope it will be useful for you. Your suggestions awaited.