The overall retirement preparedness has improved since last year, with the index rising from 44 to 47. ET Wealth analyses the third edition of the Max Life Insurance survey.

Source: India Retirement Index Study 3.0. The survey was conducted by Max Life Insurance, in partnership with Kantar. As many as 2,093 respondents were surveyed in 28 cities during July-August 2023. The retirement index is calculated on a comparable base of 1,591 respondents. All figures do not add up to 100%.

Retirement index rises to 47

3 in 5 believe health is the most important in retirement
Q. Which of the following will be most important to you during your retirement age?

80% Indians think they will be healthy in retirement, with 58% having availed of health check-ups in the past three years.

Indians equate retirement with stress-free life
Q. Which statement do you associate with retirement?

2 in 5 have not begun retirement planning
Q. How many of you have not started investing for retirement?

40% 2023
37% 2022

90%Indians in the 50+ age group regret not saving earlier for retirement.

Life insurance is the top saving instrument for retirement and other goals
Q. Which of these financial products/services are you aware of/ have invested in?

61% worry retirement savings will deplete in 10 years
Q. How long will your savings last during retirement?

38% think retirement planning should begin before 35 years
Q. What’s the right age for retirement planning?

Dependence on kids hinders retirement planning

3 in 5 are set to stay with kids in retirement