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
Gold ETFs And FoFs
While Indians love to invest in physical gold, even mutual funds offer the option, but in paper format.
PLANNING TO BUY CHILD INSURANCE? THINK TWICE
Child insurance plans combine insurance and investment but often offer low returns due to high costs, making a combination of a term insurance cover and mutual fund a better option for securing your child’s higher education needs
How Do You Define Happiness?
Money does buy happiness, but after a while, the appeal fades. We talk about our relationship with money, but, maybe, it’s time to revisit our relationship with happiness
Avoid Crypto As It Is Highly Volatile
I am 22 years old and have recently started working. I want to invest a small portion of money in cryptocurrency. How should I go about it? Does it require a huge capital investment?
Invest Right, Don't Speculate
The lure of high returns and quick gains from equity tips, cryptocurencies, and equity F&O can be enticing. But remember, return of capital is more important than return on capital
The Wedding & Budget: Is Minimalist Trend The Right Knot For You?
Indian weddings are known for their pomp and grandeur, but minimalist weddings are also in vogue now. Dia Mirza was one such celebrity who went for a minimalist wedding. If you also want to keep things minimal on your big day, here’s how to do it
Here's How To Buy An ETF?
Mutual funds are the preferred choice for retail investors. However, they come at a cost and fund management risk, apart from other risks. A smarter alternative is to invest through ETFs.
How Passive Funds Help Diversify
Passive funds provide a simple way to invest in broad markets as well as in specific themes and sectors, making them ideal for an investor's satellite portfolio
The Rise Of Passive Funds
The popularity of passive funds among retail investors has risen post Covid, and fund houses are out with many variations of ETFs and index funds. Does this category present a new opportunity for investors?
Tax Reforms: What's In Store?
The government is working on reforming the existing Income-tax Act, 1961. The impending reforms have raised many questions in the minds of taxpayers. Will the old regime and deductions be done away with? Will it really simplify your life? What's the need for these reforms? We try to answer these and other questions regarding tax reforms
