31% of urban Indians unsure about retirement corpus needed, study shows
Max Life Insurance’s India Retirement Index Study (IRIS) 4.0. Conducted in partnership with Kantar, the study shows a slight improvement in retirement preparedness, with the index rising from 47 to 49 points.
Despite this, financial uncertainty continues to affect a large segment of the population. The study also shows that 31% of respondents are unsure about how much they will need to maintain their lifestyle post-retirement. This lack of clarity is a significant risk, especially as life expectancy increases.
Majority Fear Running Out of Savings Too Soon
<div data-placement=«Mid Article Thumbnails» data-target_type=«mix» data-mode=«thumbnails-mid» style=«min-height:400px; margin-bottom:12px;» class=«wdt-taboola» id=«taboola-mid-article-thumbnails-114347022»>A notable finding of the study is that 57% of urban Indians believe their retirement corpus will be depleted within 10 years. Even more concerning, 30% fear their savings will last only five years or less. Another 27% estimate their savings will last between 5 to 10 years, highlighting the vulnerability of many in maintaining financial stability throughout retirement.
Prashant Tripathy, CEO and Managing Director of Max Life Insurance, emphasized the urgency of this issue «As life expectancy rises with advancements in healthcare, emphasizing the need for long-term financial planning. The IRIS 4.0 study reveals that although Urban India's retirement index has improved with positive gains in the Financial and Health indices, 1 in 3 Indians still feel underprepared.»
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