How Much Money is Enough to Survive Post Early Retirement in India?

Retiring early is a dream for many, and India offers a unique blend of affordability and comfort that makes this dream attainable. If you’re considering early retirement and wondering how much you need to live comfortably while traveling across the country, an income of INR 1 Lakh per month can be more than sufficient. Let’s break down how this amount can be allocated to meet your needs, ensuring a comfortable and fulfilling life post-retirement.

1. Accommodation: INR 30,000

India is home to diverse landscapes, from serene beaches to majestic hills. A month-long stay in the hill states or beach cities can comfortably fit within INR 30,000. This budget allows for a mix of homestays, guesthouses, and even some budget hotels, ensuring you experience the local culture without compromising on comfort.

• Example: A cozy homestay in Manali, Himachal Pradesh, or a beachfront guesthouse in Goa can range between INR 20,000 to INR 35,000 per month, depending on the season and amenities.

2. Food & Groceries: INR 20,000

India’s rich culinary diversity ensures that you can enjoy a variety of dishes without burning a hole in your pocket. Allocating INR 20,000 per month for food, groceries, milk, and other essentials is more than sufficient.

• Breakdown:
  • Eating out: INR 10,000 (assuming you dine out occasionally)
  • Groceries: INR 8,000
  • Milk & daily essentials: INR 2,000
• Statistics: According to the National Sample Survey Office (NSSO), the average monthly expenditure on food for a single urban adult is approximately INR 3,000. However, with a more flexible budget, you can enjoy a broader range of food options, both local and continental.

3. Entertainment: INR 10,000

Whether it’s enjoying a cold beer at a local bar, catching the latest movie, or exploring the local nightlife, INR 10,000 can be comfortably allocated towards entertainment.

• Breakdown:
  • Alcohol & beer: INR 5,000
  • Movies, concerts, local events: INR 3,000
  • Miscellaneous: INR 2,000

4. Transportation: INR 10,000

Traveling within India is affordable, and INR 10,000 per month can cover your transportation needs, whether you prefer to travel by your vehicle or public transport.

• Example:
  • Fuel & maintenance for a personal vehicle: INR 7,000
  • Public transport & intercity travel: INR 3,000
• Statistics: A 2023 survey by the Indian Ministry of Road Transport and Highways indicates that the average monthly expenditure on fuel for a mid-sized vehicle is around INR 5,000.

5. Mobile & Internet: INR 5,000

Staying connected is crucial, especially if you’re a digital nomad or simply want to keep in touch with friends and family. Allocating INR 5,000 ensures you have access to high-speed internet and mobile services.

• Example:
  • Mobile recharge: INR 1,500
  • Internet services: INR 3,500 (depending on the plan and provider)

6. Healthcare: INR 10,000

Healthcare is a critical aspect of post-retirement life. INR 10,000 per month can cover regular medical check-ups, medications, and even minor procedures.

• Example: Regular visits to a general physician, medications for common ailments, and insurance premiums can all fit within this budget.

7. Savings & Investments: INR 15,000

One of the key aspects of financial planning is to ensure your money grows over time to combat inflation. With INR 15,000 left over each month, you can invest in various financial instruments like mutual funds, stocks, or fixed deposits to build a corpus that will support you in the future.

Monthly Budget Grid – How INR 1 Lakh per month can ensure a comfortable early retirement in India

Conclusion

With careful planning and prudent spending, INR 1 Lakh per month is more than enough to live a comfortable and fulfilling life post-retirement in India. This budget not only covers your basic needs but also leaves room for savings and investments, ensuring financial security in the years to come. So, if you’re considering early retirement, start planning today and make the most of your time exploring the beautiful and diverse landscapes of India.

For more insights and tips on financial freedom and traveling, check out my blog at amanblogs.com

Share on Facebook

Follow us