Consumers optimistic about post retirement life: ICICI Prudential study

The findings of ICICI Prudential Life Insurance study titled. “Is India prepared for retirement?” shows that retirement is viewed positively as a time full of possibilities. A large number of individuals view it as a phase of maintenance, upgradation, and growth. Continuing with the current lifestyle into their retirement is the topmost priority, as indicated by 83% of respondents. 

Over three-fifths of the respondents indicated that their retirement goals include enjoying life, staying connected with friends, travelling abroad, feeling financially secure, and having peace of mind in this new chapter of their lives. Over two-thirds of those surveyed have mentioned however that they worry about inflation impacting their retirement savings, and consequently, their lifestyle. 

At the same time, 67% of the respondents highlighted the need to have adequate retirement corpus to take care of medical expenses if stuck with a terminal illness during their retirement. Currently, 11% of total income is channeled towards retirement-specific savings.  The survey reveals that the respondents consider an average corpus of Rs 65.4 lakh as ideal for retirement.