Retirement planning: Don't want to compromise on lifestyle in golden years? Start saving early and invest in equity
Our cover story explores the unique hurdles and opportunities that arise at different stages of planning for life after work. Whether you’re just starting to think about retirement, actively building your nest egg, or already enjoying its rewards, this issue is packed with insights, strategies, and inspiration to help you achieve the financial freedom you deserve.
Challenges for young earners
Khushal Aggarwal is a careful spender but he has nothing left at the end of the month to put away for his golden years. “I have more important goals than planning for retirement,” says the Delhi-based coaching teacher. High expenses is a common reason why many young people are not able to save for their retirement. The India Retirement Index Study (IRIS) by Max Life Insurance found that adequate family wealth, dependence on children and the absence of a trusted adviser also kept people from saving for their sunset years.
Why working professionals don’t save for retirement
Dependency on family and generational wealth remain among the top reasons to not start retirement planning.
Enough family wealth
42%
Children will take care
41%
Too early to think about retirement
34%
More important things to consider
31%
No trusted adviser
31%
Source: IRIS 4.0 study by Max Life Insurance and Kantar. The survey was conducted among 2,077 respondents.
For primary earners like Aggarwal, saving money while managing household expenses on a tight income can be challenging. However, experts say a low income should not be a barrier for saving
