Knowledge Of The Art Ltd

Do you know how much money you will need for your Retirement?

The basic retirement pension, also known as old-age pension, is currently payable to every Mauritian citizen aged 60 years and above, subject to residency conditions. The number of old-age pensioners, as at June 2016, stood at 195,591 (191,053 in Mauritius and 4,538 in Rodrigues). The projection for the year 2054 is an increase to 342,700 old-age pensioners. This prompts us to reflect on the capacity of the National Pension Fund to sustain that 1.49% annual increase in the number of pensions. If you are now 30 years of age, and currently needing Rs 25,000 for your monthly expenses, you will require Rs 59,330 per month, based on a conservative average inflation rate of 2.5% annually over the next 35 years, at your retirement at the age of 65, to sustain the same standard of living. Today, you have meditated on your Retirement. Tomorrow morning, you will have to start planning on the ways to fund that stage of your life.