Retirement Planning : People in the country are becoming more aware of life after retirement and women seem to be more prepared for that period than men. This conclusion has been drawn in the survey report released on Wednesday by Max Life Insurance Company Ltd. According to the fourth edition of Max Life's 'India Retirement Index Study' (IRIS) conducted in collaboration with market research and analysis firm Kantar, the retirement preparation index in urban areas of the country has increased to 49, which was 47 in the third edition of the survey. However, in the case of working urban women in the country, the index was 50, which is one point more than that of men. This shows that women are more aware of retirement preparations than men.

According to the survey, with the increasing awareness about health and financial planning and the steps taken in this direction, there has been an improvement in the preparation for retirement. In the latest study, two new areas have been added - 'gig workers', i.e. those who get paid based on work, and working couples without children (DINKS). The situation of working couples without children is equal to the national average with 49 points in this case. This shows strong preparation for health and financial needs in this group. On the other hand, the score of gig workers was only 46, which shows weak preparation for retirement in this category.

Max Life CEO and Managing Director Prashant Tripathi said that the fourth edition of the study has revealed that despite the increase in the retirement index in urban areas, one in three Indians is still not prepared for the years after retirement. He said that we have to understand that retirement preparation for the future is very important. The reason for this is the increase in life expectancy of people. Therefore, it has now become necessary for people to plan financially for more years after retirement.

Tripathi said that keeping in mind the rapidly growing 'gig economy' in India, this time we also included gig workers in the study. We found that these workers are lagging behind in the index with weak preparations for retirement. There is a need to take the initiative in this direction so that this class can be brought to par with the national average. According to the findings of the study, now a large population of urban Indians believes that planning for retirement should be started early. 44 percent of people considered age below 35 years to be the right age to start retirement planning. In the previous study, the number of such people was 38 percent. During the survey, 93 percent of people above 50 years of age regretted that they delayed retirement planning.

According to the study, 97 percent of urban Indians are aware of life insurance as a suitable financial option. At the same time, 67 percent of people have invested in life insurance as an ideal financial option after retirement. 37 percent have invested in health insurance. However, 31 percent of urban people do not know how much money they will need to maintain their current standard of living after retirement.

The study also revealed that the acceptance of the National Pension System (NPS) as a reliable investment option is increasing. More than 90 percent of the participants have accepted it as a safe and reliable option. It also revealed information on retirement planning at the regional level. The eastern region is at the forefront in terms of post-retirement planning. This survey was conducted among 2077 people in 28 cities during June-July this year.