My experience moving back to India
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@zindabad: I am not sure which cities come in tier 3, but for an upper middle class life in India in cities like Chandigarh, Pune, Hyderabad the current pension need of 60K INR per month will be needed. This is assuming that you have your own apartment.
Usual expenses per month are:
Society Fees - 6,000-10,000
Gatherings and eating out - 4,000
Maids - 3,000
Utilities - 3,000-5,000
Medical Insurance - 25,000
Groceries - 5,000
Mobile and internet - 2,500
Travel - 20,000
The average rate of inflation past 20 yrs I guess is around 6%, you can work backwards to figure out how much savings you need depending on your life expectancy.
I live in one such society, were 70% residents are either they themselves or their children are NRI. They keep visiting their children in summers.
One thing to note is coming back from Canada to settle in India will mean that you might have to choose the city wisely as not all cities will offer you the level of service that you would be used to in Canada.
Location: Brampton, Ont, Canada
Posted on: 22-02-18 11:16:00
Depends on the conditions if you own the property or you are renting it.
If you have your own property then 40K is sufficient enough to leave simple life.
You can put 50 lakh in some secure investment which give u about 8% to 10% interest rate - as secure income. which you can withdraw every month for daily expenses.
You will not sit down there ... you will definitely find the source for income.
So secure some funds by investment for peace of mind. and rest you can general by working or business.
That is my plan 
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'Some goals are so worthy, it's glorious even to fail.' (Param Vir Chakra awardee Lt. Manoj Pandey)
Quote:
Originally posted by zindabad
How much we have to save to retire/ settle peacefully in India ? I would be happy with upper middle class life there in India in tier-3 city .
Pretty cheap to live in a Tier-3 city in India. Rent is cheap , so is ownership of a flat. No need for a car as Autos, Taxis are pretty cheap
The only thing you should be concerned about is Medical cost - unlike Canada its not free.
The hospitals & doctors here are known to loot patients, with or without private insurance. So maintain your health & you will be fine
The other thing that can be expensive is your kids education if they go for Engineering, Medicine, MBA etc.
If you have just Rs. 50 Lacs i.e $ 100,000 CAD in a Fixed Deposit in a bank in India, you can get about Rs. 4- 5 Lac in interest per year, that's more than enough to have a decent living in a Tier 3 city.
Tier 2 city living is not bad either.
But forget Metros - like Delhi, Bombay, Calcutta, Bangalore, Chennai etc. You won't or can't afford a flat there, or even rent.
Labour & Overhead expenses are cheap in Tier 3 cities , so lot of things like eating out, watching movies, dramas, music programs etc are very cheap compared to Canada.
Location: Brampton, Ont, Canada
Posted on: 24-02-18 21:53:50
If job is not your requirement and if you are really looking for peaceful life. then go with Tier 3 cities... Tier 1 is not only expensive but also it will be hectic life.
You really wanna enjoy India run to small towns...
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'Some goals are so worthy, it's glorious even to fail.' (Param Vir Chakra awardee Lt. Manoj Pandey)
Quote:
Originally posted by zindabad
There is no life in Metro so I won't prefer to live in Metro . Now a days in Tier-3 cities you can enjoy most of the things which you wish to have it in Metro . Cities I would prefer like Nasik ( best weather ) , Vadodara , Indore , Jaipur , Udaipur ( clean and beautiful city , even westerners are buying property in this city to live retired life ) .
About health I am not worried . My life style is healthy and I do 48 hours fasting twice a month on water only . Prolong fasting ( more than 36 hours ) helps to remove toxins and avoid any illness . Also present Indian government is introducing cheap/ free health care for poor people and it will be for all in next 5 years so from medical perspective no one should be worried .
Nope won't happen in the next 5 years.
Only poor people will get it. But have you seen the horrible & miserable conditions of the government hospitals in India ?
You won't even go there for FREE ! Only slum dwellers will go any where close to it.
Quote:
Originally posted by zindabad
Last month my wife's maternal uncle was operated in ahmedabad civil hospital for heart vein blockage on nominal charge under " Amrutam " yojana . His experience was good .
offcourse indian government hospital services won't be same as here . I would keep 1 million Rs saved for any unexpected medical emergancy . You can avail health insurance from private players and pay regular premium which is not much .
Gujarat might be an exception due to Feku. But the rest of the cities and states have a long long way to go, when it comes to the condition of government hospitals & government schools.
People from good families don't want to go to gov. hospitals or send their kids to gov. schools, the standards are very low.
Location: Brampton, Ont, Canada
Posted on: 27-02-18 00:26:58
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Gujarat might be an exception due to Feku. But the rest of the cities and states have a long long way to go, when it comes to the condition of government hospitals & government schools.
People from good families don't want to go to gov. hospitals or send their kids to gov. schools, the standards are very low.
Feku ??
One side u r saying Gujarat is good and same time u r not respecting a person who change Gujarat.
Double standard isn't it ?
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'Some goals are so worthy, it's glorious even to fail.' (Param Vir Chakra awardee Lt. Manoj Pandey)
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