As per a survey conducted by PGIM-Nielsen last year, 51% of Indians do not have a retirement plan ready and barely one in five takes inflation into account while planning for retirement.

One of the reasons for this is a lack of visibility around the money one would need at the time of retirement. If you were to purchase an iPhone worth 1L 6 months from now, you can easily plan how much money to save each month. But since the retirement age is many years away for a lot of us, and one doesn't have an exact figure in mind, they tend to procrastinate.

So, I have created an Excel-based tool that can help you figure out your retirement corpus, and the yearly investment required to achieve that (the link to download the tool is at the end). Unlike some online tools that ask you to enter your average yearly expenditure and avg inflation rate, this tool helps you think about the various categories of expenses and the associated inflation for each. This gives a more realistic idea of the required retirement corpus.

This is how it looks:

Here is how to use it: