Retirement planning not topmost priority for urban India, says report

Retirement planning is not the topmost priority for urban India but they worry that savings will not be enough to cover for old age life, with only one in three actively working to meet retirement goals, according to a study.

Max Life Insurance in partnership with marketing data firm Kantar conducted a survey to assess the urban salaried class' readiness for content and financially independent retired life.

About 90 per cent of people above the age of 50 years in the survey regretted not starting early enough in life to save for retired life.

In its second edition, the survey finds the India Retirement Index Study (IRIS) remaining at 44, pointing there is a lag in preparedness over the last one year among the urban salaried class for retired life planning.

Conducted through a self-administered digital manner, the survey involved 3,220 male as well as female respondents across 28 cities, of which 6 were metro cities and 12 tier I and 12 tier II cities.

Life expectancy is consistent