Until recently, most Indians considered retirement to be a distant goal and often overlooked it with other goals, such as children’s education, taking precedence. However, with the growth in financial literacy and awareness, more people are now understanding the importance of retirement planning. We attempted to gauge the preparedness of individuals across India for this goal and conducted an online survey, the Outlook Money – Toluna Survey on Retirement, along with Toluna India. The survey comprised 1,735 interviews across 20-plus metro and non-metro cities (see Research Methodology).
The survey revealed that most people agreed that retirement planning should commence around the age of 35 years. Early planning is important, as people who plan early stand to gain over those who do not. This is because with the increase in longevity, they could find themselves in penury in their retired years due to lack of adequate planning in the working years. The sooner they begin to save for retirement, the lesser they will need to invest to reach to the required retirement corpus. The survey also revealed other trends about how people plan for their retirement and how much and where they save for this goal.
RETIREMENT AT AGE 60
The age at which you want to retire is crucial. It will help you plan your retirement well in advance.
In India, the current retirement age set by the central government is 60 years. Until 1998, the retirement age for central government employees in India was 58 years. However, the Fifth Central Pay Commission, in May 1998 recommended increasing the retirement age of central government employees to 60 years. Half of the respondents in the survey expressed their desire to retire at age 60.
Denne historien er fra May 2024-utgaven av Outlook Money.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra May 2024-utgaven av Outlook Money.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
Here's How To Claim Tax Refund If You Missed The ITR Deadline
The Income-tax Act, 1961, allows the refund of any excess income tax deducted on your income beyond your actual tax liability.
26 Spiels You Should Not Fall For
We have a list of 26 traps that you should avoid in your journey to creating wealth
Unified Pension Scheme
The Union Cabinet approved the Unified Pension Scheme (UPS) on August 24, 2024, guaranteeing 50 per cent of the salary as assured pension for central government employees.
Unlocking Financial Freedom with Freedom SIP: A Beginner's Guide
Freedom SIP is the smartest way to finance your retirement because it allows you to ride the compounding rocket to build wealth, even by investing a small monthly sum.
Asset Allocation Strategy to Safeguard Against Market Fluctuations
Invest in different asset classes, such as equities, debt, gold, etc., so that if a particular segment doesn't perform in a given situation, others will come to the rescue.
The Role of Asset Allocation in Investing
A proper mix of asset allocation that aligns with investor's goals is key to the portfolio's long-term performance and reaching milestones.
Why Retirement Planning is Crucial in Life
Retirement planning is the key if you want a financially secure life in your sunset years.
IS SENIOR HOUSING FOR YOU?
Many seniors have taken refuge in senior living facilities in their twilight years as their children have moved abroad. While that may help them ward off boredom, they often come at a huge cost
WITH OR WITHOUT INDEXATION: WHEN DO HOMEOWNERS PAY LESS?
Calculating taxes under both methods-considering inflation and property appreciation-can yield a more precise result
Flexing Its Way Across Market Cycles
Very few funds meet investors' expectations of delivering superior returns across market cycles, and HDFC Flexi Cap Fund is one of them.