A global survey titled ‘The Future of Retirement Choices for later life’ conducted by HSBC reveals that working Indians prefer to move to another city or country from their current place of occupation or birth, post retirement.
More than two in every five working Indians (44%) want to settle in another country after retirement. Of these, 15 % wish to move overseas for a better retired life, finds the study.
According to the survey, 35% of Indian respondents voted for USA as their most preferred destination post retirement followed by UK (24%) and Australia (20%).
“As Indian families become more mobile and international, spending retirement in two or more locations is an increasingly common goal. The costs of maintaining such a lifestyle could be daunting as people spend higher for travel, varied costs of living and property. With continued financial planning, people with such aspirations can avoid surprises and enjoy the retirement of their dreams,” said Sanjiv Sud - Head of Retail Banking and Wealth Management, HSBC India.
The survey covered 16,000 respondents (1,000 Indians) across 15 countries.
Younger people are more likely to set their sights on moving to another country when they retire. One in five (20%) aged between 25 and 44 years aspire to move abroad, compared to 9% of those aged 45 years or more, shows the survey.
Bangalore based advisor Deepesh Mehta says, “Many of our clients aspire to settle in foreign countries after retirement for better quality of life.”
For working age people, choosing a retirement destination is influenced by a variety of geographical, historical, cultural and economic factors. Relaxed lifestyle, better healthcare facilities and pleasant weather were some of the key reasons for which Indians prefer moving to another city or town.
The survey also states that 29% of Indian respondents are planning to move within the country to enjoy their retirement life. Globally, around 46% plan to move from their town or city to a rural area when they retire. Of these, 38% of people have already moved to rural areas.
“People want a more relaxed lifestyle after retirement with less responsibilities. While many people move to city for a better lifestyle, post-retirement, they prefer moving to the rural areas as the focus is on quality of life,” says Ramesh Bhat of Aniram.
