Max Life Insurance Company Ltd. has released the results of its third edition of the India Retirement Index Study (IRIS), conducted in partnership with KANTAR. The survey assesses urban India’s preparedness to live a healthy, peaceful, and financially secure retired life. The study surveyed 2,093 respondents across 28 cities in India and found that urban India’s retirement index has risen to 47, a significant increase from 44 in the past two editions.
The improvement in retirement preparedness is attributed to a rise in health awareness, with the index moving 3 points to 44 in IRIS 3.0, from 41 in IRIS 2.0. Post-pandemic health focus has driven the index to 44, marking a three-year high. Nine out of 10 urban Indians (>50 years) regret not starting saving for retirement earlier, and 1 in 3 believe their savings will last only 5 years post-retirement.
Retirement preparedness among urban Indian women is at par with men for the first time, and retirement readiness is highest in East India, with Tier II retirement preparedness at par with Tier I towns.Prashant Tripathy, Managing Director & CEO, Max Life said, “This edition shows progress in India’s retirement preparedness, which also signals the country’s stronger economic resilience. Our study provides insight on the barriers to being retirement-ready amongst urban Indians, as well as the advancements made by them in ensuring preparedness.”
