A research conducted by Principal Retirement Advisors found that children’s education (22%), buying a house (15%) & children’s marriage (11%) are the top three aspirations of people, post retirement. Travel also features prominently in the list of post retirement aspiration. The study was conducted in 11 cities covering 1585 Indian households in the age group of 25 to 60 years.
|
Outlook on Post Retirement Finances |
|
|
I want to save enough for my retirement |
56% |
|
I want to be happy and stress free post retirement |
49% |
|
I have never thought about it truly speaking |
48% |
|
I have already started investing/ saving for my retirement |
39% |
|
I have enough family wealth/ property which will take care of my needs during retirement |
32% |
|
I expect my children to partially help me at the time of retirement |
27% |
|
I expect my children to take care of my retirement |
12% |
As regards to the preparedness about retirement, 49% people claim to know how much money they require post retirement, 60% people say they have invested for their retirement and only 53% people keep inflation in mind for retirement funds. “People believe that they don’t need Rs. 5 crore or Rs. 10 crore for their retirement. They often say what I will do with such a huge sum. The value of a crore would not be the same 30 years down the line. Considering inflation, people need to save a lot for their retirement,” Suresh Sadagopan of Ladder Ladder7 Financial Advisories earlier told Cafemutual.
When asked about their thoughts for post-retirement finances, 56% respondents said that they wish to stay happy and stress free post retirement while 49% wanted enough savings. Not surprisingly, a majority of 65% plan to retire between 56-60 years of age.
When asked about what age they started investing for retirement, 49% people claim to have started investing for retirement at age of 26–30 years.
