An unconventional strategy for retirement in today’s time

economictimes.indiatimes.com:

Mutual Fund’s Retirement Readiness Survey 2023, two observations significantly struck my attention. One — that people plan for happy outcomes and disregard the importance of negative ones.

Perhaps it's because we've witnessed our elders grappling with health issues, boredom, loneliness, and financial dependency on their children.

It's like we've collectively decided not to talk or even think about retirement – a classic case of what psychologists call «optimism bias.»

Second is — that Indians are seeking various ways to add to their income by monetizing their passion and acquiring new skills to fuel their aspirations post-retirement.

A noteworthy 44% recognized the importance of generating a secondary source of income through their unique skills, surpassing the percentage of participants preferring generating income from financial investments.

At first glance the findings seem unrelated, but they are actually closely connected. Let’s dig into how:

In an era marked by extended lifespans, shifting economic landscapes and increased sense of self reliability and control among Indians, securing one’s financial future in retirement is paramount. However, as I stated above it casts a big shadow of stress and anxiety in most people.

This anxiety about the future is common because we all struggle to think beyond the present. The anxiety amplifies, when the mind starts posing daunting questions like “will I sustain my current lifestyle or standard of living when I cease working,?” However, your mind offers only vague,