How much is necessary?Over the years, medical facilities have improved a lot. As a result, the life expectancy has been increasing. Nowadays, we frequently see many people crossing 80 years. Even people above 90 are not that rare. But at the same time, the cost of living has been increasing by leaps and bounds with the rate of interest of deposits is showing a downward trend.
So, it has been imperative for all of us to save for our twilight years. But how much should we save? Earlier, people used to assume that they would live another twenty years after their retirement and save accordingly. But as the life expectancy has been moving up and the rate of interest is going down, we have to take retirement savings more seriously and have to save more for a longer period after retirement.
So, I want to know: How much is necessary to properly sustaining ourselves after retirement? How much should we save for our twilight years? How long will we survive?
Your opinion, please!