DO IT TODAY, DO IT NOWDo you think of life after retirement? Does it scare you? Do you dream of leading a stress-free, post-retirement life?
A study on the future of retirement conducted by The Hongkong and Shanghai Banking Corporation across ten countries, including India, sheds light on the changing attitudes of people and analyses the preparedness of people to face retirement.
For many, traditional retirement is a thing of the past. Eighty per cent want mandatory retirement to be scrapped, while just 14 per cent equate financial independence with old age. In India, the study highlights that only 50 per cent of Indians have taken any steps to plan for retirement in the last 12 months.
A good majority of Indians feels that old age is a time to live with families, without any worries and count on their children for support and care. Indians rarely think they need to bear their retirement costs, nor do they expect the government to play a role. All generations of Indians feel that their children will bear most of their retirement costs.
Interestingly, only 29 per cent of the Indians surveyed think that they will have to bear most of their retirement costs. Yet, as many as 41 per cent believe that retirement is a time for personal challenges and risks. While 72 per cent want to work after the retirement age, 80 per cent are against mandatory retirement.
For many, traditional retirement is a thing of the past. Eighty per cent want mandatory retirement to be scrapped, while just 14 per cent equate financial independence with old age. In India, the study highlights that only 50 per cent of Indians have taken any steps to plan for retirement in the last 12 months.
A good majority of Indians feels that old age is a time to live with families, without any worries and count on their children for support and care. Indians rarely think they need to bear their retirement costs, nor do they expect the government to play a role. All generations of Indians feel that their children will bear most of their retirement costs.
Interestingly, only 29 per cent of the Indians surveyed think that they will have to bear most of their retirement costs. Yet, as many as 41 per cent believe that retirement is a time for personal challenges and risks. While 72 per cent want to work after the retirement age, 80 per cent are against mandatory retirement.
A New view to live future
According to the study, 'Old age' has a much more personal and individualistic definition now: A 60-year-old may be 'old,' while an 85-year-old remains youthful. So people, especially in the West, now see retirement as a time of reinvention and a new chapter in life. People in more affluent societies want to carry on working in retirement. Meanwhile, those in less affluent countries are more likely to want to give up work when they retire.
According to the study, 'Old age' has a much more personal and individualistic definition now: A 60-year-old may be 'old,' while an 85-year-old remains youthful. So people, especially in the West, now see retirement as a time of reinvention and a new chapter in life. People in more affluent societies want to carry on working in retirement. Meanwhile, those in less affluent countries are more likely to want to give up work when they retire.
The study also reveals a resounding global rejection of age-based restrictions on working, with people throughout the world opposed to a mandatory retirement age and any government or corporate rules preventing older people from working in retirement if they are capable of doing so.
"In the developed world, people's willingness to work beyond normal retirement age could help to counteract some of the more negative impacts of an aging population. In the developing world, we face different challenges concerning the need to find employment for a growing population," explains Winsor.
The findings in the research suggest that young people are growing uncomfortable with the idea of supporting an ageing population. Their attitudes to old age and retirement in general are different from those of older people.
The findings in the research suggest that young people are growing uncomfortable with the idea of supporting an ageing population. Their attitudes to old age and retirement in general are different from those of older people.
Winsor Says, "Preparation is most effective when it is done early, yet most young people do not prepare for their later years and underestimate their future financial needs. This is particularly true where savings are concerned. All experts agree that with any savings plan, it is funds that are invested early and for longest that add most value to a retirement scheme when it matures."
"Our survey did highlight that the retirement plans of many Indians are far more dependent on family support than in other countries. This suggests that individuals should develop more independent plans. This is similar to that old saying 'plan for the worst, but hope for the best!'" he adds.
We have to do
Help make your own retirement comfortable by saving more and starting to save earlier.
Examples of money flow in your Retirment.
- Happy Retirement.
- Profitable Retirement.
- Suvarn Jeevan - 1.
- Tax saver Retirement.
