A recent survey by PGIM India Mutual Fund explains how Indians underestimate the importance of retirement planning. And you’re not alone if you focus on spending more on current expenses than saving for the future!
The survey, titled Retirement Readiness Survey 2020, states that retirement planning ranks low on people’s priorities, even as children, spousal security, fitness and lifestyle rank higher.
Statistically, 89 per cent Indians do not have an alternative source of income, and barely 1 in 5 factors in inflation while planning for superannuation.
So the question is what to do? You wish you could turn back time and start planning when you had 30-40 years for retirement. Since that seems to be irrational now, let’s talk about a plan which can be executed even in a shorter time frame.
In this podcast, Business Standard’s Bindisha Sarang will help you guide for a feasible retirement plan.