Consumers optimistic over retirement: ICICI study

The findings of a study about retirement by ICICI Prudential Life show that retirement is viewed positively as a time full of possibilities.

It is seen as a time when one can make a fresh start and live life the way one wants to. A large number of individuals view it as a phase of maintenance, upgradation, and growth. Over two-thirds of those surveyed have mentioned, 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 65.4 lakh as ideal for retirement.

To prepare for retirement, individuals are recognising the importance of products that are risk-free and offer guaranteed returns for life, such as annuity plans. Annuity plans are specifically designed for retirement and provide regular life-long income for self and spouse. The survey also revealed a high interest in investing in annuity plans among 65% of respondents who have not invested in annuity plans so far.