Max Life Insurance Company Ltd. in partnership with Kantar launched the second edition of the ‘India Retirement Index Study’ (IRIS). The survey aims to understand the retirement readiness of Urban India, with insights into awareness, aspirations and challenges of consumers during retirement and its planning. Through a self-administered digital study, 3,220 respondents were surveyed across 28 cities comprising 6 metros, 12 Tier I and 10 Tier II cities.
At 43, South India’s Retirement Index (on a scale 0 to 100) lagson retirement planning, with East leading at 51, followed by West at 46 and North at 41. Health and financial preparedness stood at 39 and 47, while emotional preparedness stood at 59 indicating an increasing dependence on family, friends, and social support during retirement.
As per the study, South India maintained a positive outlook towards retirement with 70% associating it with thoughts such as ‘more time to take care of family’, ‘tension-free life’ and ‘greater prospects of luxury/travel’. In contrast, 30% or 3 in 10 associated it with negative sentiments, with 6% citing they ‘might not have enough financial savings’ and 5% fear ‘might not be very fit & healthy’.