Considering the rising life expectancy and the need for a larger corpus post-retirement, what are your broad thoughts on this matter?
Firstly, I appreciate Outlook for initiating this 40After40 Retirement Expo series. It is very timely, especially considering the increasing life expectancy. The average life span, once around 50 or 60 years, has now reached 70 and is projected to rise to 74 by 2030 and 78 by 2040, which is not distant at all, just 16 years away. This underscores the significance of your question. If not planned, people can find themselves in a difficult spot.
We are witnessing rapid societal transformation in India and globally, moving from traditional large families to nuclear setups and evolving family dynamics. How does this shifting landscape impact retirement planning strategies?
Because of the shifts in technology and change in economic conditions, life can be uncertain for the next generation. We never know the financial and life issues the next generation may have to deal with. Or with increasing global mobility the next generation, despite best intentions, may not be able to be physically present to help. Also, culture may change over time. This can leave many individuals more financially and mentally vulnerable in their retirement years.
So how hard can it get?
When I consider the elderly individuals we encounter daily, including our own parents, you can see for yourselves. Compared to their prime years, now they feel lonely, and sometimes feel irrelevant: they often have such feelings. Then they have to think about aspects like health. Imagine, to add to this, if they have financial issues. To save early and to invest in retirement plans can help (reduce) stress and give security in old age.
This story is from the March 2024 edition of Outlook Money.
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This story is from the March 2024 edition of Outlook Money.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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