East Better Prepared To Handle Post-Retirement Blues

Kolkata: People in Eastern India are better prepared to take on retired life than their counterparts in the country’s North, South or West, thanks to their enhanced saving propensity for their future, a study reveals.

According to the findings of the fourth edition of the India Retirement Index Study (IRIS), conducted by Max Life Insurance Company in partnership with KANTAR, a marketing data and analytics company, East India outshone other regions, scoring an impressive 54 on the Retirement Index, significantly higher than North and South India, both at 48, and West India at 49, as well as the national average of 49.

India retirement index is the degree to which Indians feel prepared for retired life on a scale 0 to 100. It is based on how prepared the country is for a healthy, peaceful and financially independent post-retirement life, surveyors explained. The survey, according to officials, is aimed at understanding the retirement readiness of urban India, with insights into awareness, aspirations and challenges of consumers during retirement and its planning. The study further revealed that about 72 per cent of East Indians are investing specifically for retirement even as 82 per cent of the region’s investors were confident about maintaining their health through retirement. The corresponding retirement investment figures for West, North and South India stood at 66 per cent, 60 per cent and 58 per cent respectively, officials said. The investment figures for retirement in the eastern region rose by a significant 5 per cent compared to 67 per cent last year and life insurance remained the preferred financial product, with 68 per cent choosing it for retirement security, the IRIS 4.0 study revealed.