By Devina Sengupta, ET Bureau | 31 Jan, 2016
MUMBAI: HSBC’s latest edition of The Future of Retirement Healthy New Beginnings study found that 61 per cent of the working population in India aged 45+ want to retire in the next 5 years. Around 14 per cent of them believe they will be unable to do so. Of those unable to retire, 71 per cent said that they cannot retire as they would struggle financially. The findings of this study bring out an urgent need for Indians to begin saving early and planning well for their retirement.
The study found that of the 45+ working population who would like to retire but are unable to due to financial constraints, 53 per cent say this is due to not having saved enough, 42 per cent say it is because they have dependants who rely on their income and 17 per cent cannot retire as they have a lot of debt.
HSBC’s report also reveals that in India, 43 per cent would like to retire in the next five years to spend more time with their family. Others want to travel and pursue other interests (34 per cent) or pursue another career or voluntary work (20 per cent). However, 59 per cent cited work related pressures and issues as the reason for wanting to retire.