Post retirement, people typically wish to travel the world, spend time with their family and live a healthy and upgraded lifestyle. PGIM India Mutual Fund has done a survey regarding retirement planning among 3,009 Indian adults aged between 26-60 years. Here are the four charts on survey findings.
A significant chunk i.e. 59 per cent of income of the respondents go towards meeting their current monthly expenses of which household expenses garner a major share.
Around 88 per cent and 73 per cent of respondents associate contingency plans and alternate income respectively with retirement readiness
Financial security is no longer associated with being close to family as one can see that Indians who have nuclear family structure feel financially more secure in 2023 against 2020 while that for joint family has reduced.
Majority of Indians seek financial advice from insurance agents followed by bank relationship managers.