Fellow Indians, what's your target retirement corpus?
For those of you retiring in India, what's your target corpus and age of retirement? Trying to generate some data points for all of us to baseline on! Edit1: let's include cash + investments (excluding primary residence) I'll start with mine: 1.3M by age 38
Is that all cash or cash + investments but not counting housing
Let's exclude housing... So cash+ investments! Will update the description
Most Indians won’t go back unless kicked out before GC is received.
How I wish we kept the threads to focus on those that will go back :)
No, how will someone get kicked out after giving birth to an Indian American?
$2M. 35
Awesome!!
Fuck you)))
You want to retire at age 38 with 1.3M in the bank? Interesting. Because I'm currently 38 with exactly that much in liquid assets plus about 500k equity in the house. I don't think I feel I can retire or want to retire anytime soon. Maybe if I had a depressing job or ahole manager I would but otherwise don't see the point of returning so early.
I think OP wants to go back to India at age 38 where the CoL is cheaper. I'm assuming he'll still do something he enjoys to pass the time, but 1.3M is enough to live very comfortably for the rest of his life (no idea how valid this is, but I think this is OPs plan)
Yes.. Retiring doesn't mean you sit back home. It's just a gateway to explore other things in life.. And yes, I need not be "him" , could also be "her" as well :)
Do you max 401k if you want to retire in India at 38? You can't withdraw it till you're 59.5 and I'm not sure if it's safe to keep money tied up in a foreign country for 20+ years.
Can’t you withdraw in smaller fractions once you’re 38 and have moved to india? That way you pay really less amount of taxes... better than paying tax rn (in Bay Area)
You pay 10% early withdrawal penalty on top of the tax rate in India (since you'll be residing in India). There's a convoluted way to avoid that called the Roth ladder but all the info I found online is directed to US citizens or people who will retire in the US. The tax slabs in India will be in rupees and 10+ lakhs withdrawal will put you at 30% tax, plus the 10% penalty.
So you want to retire in another country away from your friends and kids?
A lot of Indians I know came to the US after living in India for the first 25 years of their life, so assuming they keep in touch and visit often they might have more friends (and family) in India than in the US. Also, assuming OP has kids, I'm assuming they're young and will move with him.
How close are you to your goal?
2M by 40
5-6 C INR including all types of assets. (targetted retire age 40-45)
You won't be retiring in India , Sadly
?