Is Rs. 6000 A Month Enough To Retire On?

At some point in our lives, we all find ourselves playing with our retirement statistics in trying to figure out the optimum moment to retire. It's all about establishing a balance between having enough years left in your life to enjoy them and having enough money to not be concerned. Each person has their own version of both figures.

Retiring with having only INR 6000 per month might be more like facing a financial crisis in the present scenario. Considering the inflation rates and the rising costs every day, it is quite possible that with 6000 in your hand, you might just hardly make ends meet. But here is a trick. If you have robust planning and side hustles, it might do well with this amount as well.

Is 6000 A Month Enough To Retire On?

Retirement isn't all it's cracked up to be. Many of us look forward to retirement, but once it arrives, we are disappointed and find life to be pretty unfulfilling. Retiring isn't for that reason. Starting a small business, side hustle, or passive income job is a great way to acquire a new skill, stay active, and augment your retirement savings.

• Have A Home Before Retiring

There are advantages and disadvantages to retiring with your own house. Given your plans to retire sooner, I strongly suggest you purchase rather than rent your home. You'll be responsible for maintenance costs, but you'll be protected against growing rental costs. After all, if other outlying areas flourish and improve, a property that rents for INR 90,000 per month today could rent for INR 148,800 per month in 10 years.

• Invest Into Growing Food At Home

You'll want to put your hobbies and skills to good use now that you have extra time on your hands in order to stretch your money further. Growing your own food is an excellent way to accomplish this. Again, while lettuce may be INR 74 right now, it may be INR 148 in ten or twenty years. You'd spend twice as much on groceries if you applied this increase to your overall grocery bill. Consider this if you don't believe it's possible.

• Participate Into Cost Effective Hobbies

Retirement is a great time to rediscover a hobby you put aside while working. Hobbies, on the other hand, are expensive. You'll need to find inexpensive pleasures if you want your retirement fund to last. Ideally, ones that keep you occupied while also saving you money such as food or similar things. 

• Try To Find A Part-Time Job After Retirement

One way to boost your retirement income is to take on a part-time job. It's not exactly retirement if you get a part-time job. However, the job could be in completely another field, and working part-time could drastically reduce your workload and stress. Reducing your hours from a full-time job of around 45 hours per week to a part-time job of 6 to 20 hours per week is a great way to get a sense of what retirement would be like. Part-time money could be put toward gardening equipment, paying off your mortgage, maintaining your home, or creating a passive income stream to help you prepare for retirement.

Take Away

Only if you are already used to living a simple lifestyle can you retire with INR 6000. If you currently spend more than INR 100,000 per year, lowering your spending to INR 80,000 in retirement will be nearly impossible. Finally, think about why you want to retire and what you hope to gain from it. After all, it's pointless to retire if you're unhappy. That is hardly the point of quitting after such a long career.

Also Read:

How Do Retirement Plans Work?

How Many Years Does a Pension Last?

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.