Consumers in the country consider retirement as a phase of maintenance, upgradation and growth, found an ICICI Prudential Life Insurance study.
The study titled “Is India prepared for retirement?” surveyed over 1,100 individuals across various cities in the country and revealed that consumers now have an optimistic attitude towards life after retirement. The study reveals that maintaining current lifestyles, traveling to spiritual places, and buying property are at the top of their list of post-retirement goals.
According to the study, 78 percent of the people surveyed have traveling to religious places on their to-do list, while 76 percent have property purchases on their minds.
The survey found that 72 percent of participants were interested in starting a new business after retirement.
On the other hand, they have a number of worries regarding their post-retirement plans. Almost 67 percent are concerned that receiving a serious diagnosis of a terminal illness might deplete their funds. Another 66 percent are worried that inflation will force them to lower their existing quality of living. As many as 64 percent of the respondents are preoccupied with worries about their spouse’s financial security in the event of their death.
The average ideal retirement corpus that Indians have in mind is Rs 65.4 lakh, according to the report. Yet, according to 69 per cent of those surveyed, a sum of up to Rs 50 lakh would be sufficient to see them through their retirement years.
Only 7 per cent of respondents indicated they required a retirement corpus of more than Rs 1 crore, while 24 per cent of respondents thought a sum between Rs 50 lakh and Rs 1 crore was ideal.
A substantial percentage of respondents (46 percent) were between the ages of 45 and 50, while 44 percent were near retirement (51–58 years). The remaining 10 per cent were in the 60–75 age group.
“It is very clear that many individuals approaching retirement today are far more confident and feel comfortable starting the new chapter in their lives. They want to maintain their current lifestyle, travel, make friends and have a good life. Taking care of the spouse is also an important goal,” said Manish Dubey, chief marketing officer at ICICI Prudential Life Insurance.