NEW DELHI: Majority of Indians are falling behind in relation to retirement planning, reveals India Retirement Index Study (IRIS) carried out by Max Life Insurance Company Ltd in partnership with KANTAR. India’s retirement index stood at 44 on a scale of 0 to 100, indicating that Indians are lagging behind in retirement planning.
Health and monetary preparedness stood at 41 and 49, respectively, whereas emotional preparedness dipped from 62 to 59, indicating growing dependency on household, buddies, and social assist throughout retirement, the report mentioned.
“As India’s life expectancy will increase and well being traits change, the nation’s aged inhabitants is projected to develop practically 41% to 194 million by 2031. There can be a assessment underway of the retirement age in India to align it with the growing life expectancy. As trade and the broader ecosystem take steps in a constructive path, the sturdy and well-represented examine reveals that Indians are additionally realising the necessity to plan for retirement early. However, the attention is but to translate into motion when it comes to proactively saving and investing,” said said Prashant Tripathy, Managing Director and CEO, Max Life Insurance.
“When it comes to retirement planning, all Indians must embrace ‘earlier the better’ philosophy and start planning at a young age, to ensure their retirement years provide them an opportunity to live a healthy and financially independent life. As we unveil the findings of IRIS 2.0, we urge India to realise the importance of timely retirement planning and encourage them to work towards securing their future.”
IRIS 2.0 reveals city Indians preserve an general constructive outlook on retirement. 70% affiliate it with constructive ideas equivalent to ‘more time to take care of family’, ‘tension free life’ and ‘greater prospects of luxury/travel’. In distinction, 30% or 3 in 10 affiliate retirement with destructive sentiments, of which 6% cite that they ‘might not be very fit and healthy’, 5% worry ‘not having enough financial savings’.
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