Considering the rising life expectancy and the need for a larger corpus post-retirement, what are your broad thoughts on this matter?
Firstly, I appreciate Outlook for initiating this 40After40 Retirement Expo series. It is very timely, especially considering the increasing life expectancy. The average life span, once around 50 or 60 [years], has now reached 70 and is projected to rise to 74 by 2030 and 78 by 2040, which is not distant at all, just 16 years away. This underscores the significance of your question. If [retirement is] not planned, people can find themselves in a difficult spot.
We are witnessing rapid societal transformations in India and globally moving from traditional large families to nuclear setups and evolving family dynamics. How does this shifting landscape impact retirement planning strategies?
Because of shifts in technology and change in economic conditions, life can be uncertain for the next generation themselves. So, we never know, the next generation may have their own financial and life issues to deal with. Or with increasing global mobility, the next generation, despite best intentions, may not be able to be physically present to help. Also, culture may change over time. This can leave many individuals more financially and mentally vulnerable in their retirement years.
So, how hard can it get?
When I consider the elderly individuals we encounter daily, including our own parents, you can see for yourselves. Compared to their prime years, now they feel lonely; they sometimes feel they are not relevant in the family due to their health issues. Imagine, to add to this, if they have financial issues. To save early and to invest in retirement plans can help [reduce] stress and give security
in old age.
Denne historien er fra March 2024-utgaven av Outlook Business.
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 March 2024-utgaven av Outlook Business.
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
SHANKAR PRASAD
C'EST LA VIE - MY FAVOURITE
Star Plus
Actor Keerthy Suresh's talents extend far beyond the silver screen. In a chat with Prachi Khanna, she talks about her growing interest in the world of investments - from real estate to tech to co-owning a cricket team
Shelter From the Storm
Taking care of 500-plus homeless was only the first of the challenges; the 24-year-old social worker has done more since
Saying No to Jugaad
In India, people often rely on a quick-fix approach to manage the daily challenges of taking insulin shots. But a Gen-Z innovator has other ideas
Green Skills Champion
An unexpected career choice was the beginning of efforts to demystify the conversation around climate change and raise awareness
Force of Change
An educator's journey that started in the municipal schools of Andheri West is helping bridge the learning gap among young students
An Appetite for Health
The 'food pharmer' has taken on some of the biggest names in the FMCG sector. His mission: to get consumers to read product labels
More Than Medals
India's success at the Paris Paralympics can inspire a new era of inclusivity
Checkmate
A new generation of chess elite, backed by early mentorship and building on the wins of the previous generation, is cementing India's place at the top
On A Strong Wicket
Team India has had a mixed month but a good year. This was the year Rohit Sharma and his boys brought the T20 World Cup back home
