Why Are Today’s Youths Concerned About Their Retirement Life?

The new generation of India fears that their lives will take a turn for the worse after they are retired. A study found out that at least 54% of people feared for their future financial status once retired. Global advisory, broking and solutions company Willis Towers Watson conducted the survey on over 2,000 employees.

There are various reasons why today’s generation is scared of retiring:

1. Looking at the larger picture without looking at the steps-

   The youth today are concerned they won’t be able to save a big chunk of their income for retirement. If the goal is to save 50 Lac by the time they retire, they fail to understand that it’s doable but you have to start early. Instead of focusing on the large amount, they need to focus on small chunks of doable savings every month that can eventually build that amount for them.

2. Not saving at all-

   Many people of this age haven’t even started saving money. So it’s obvious the thought of the future will bother you. You can take small steps to begin saving now. It’s never too late to plan for the future.

3. Not enough employer support-

   The study also suggested that there was not enough effort from the employer’s side to educate its employees about saving and retirement plans. Only 13% of employers are currently taking efforts to educate the employees on how much they can save per week according to their salary bracket.

4. Lack of good plans-

   There is also a lack of good retirement plans in the market. The youth find some plans too complicated to invest in them. A good plan should help you earn a good rate of return on your investment and give you a considerable chunk of amount in the future once you have stopped working.

HDFC Life offers a range of savings and retirement plans so that you can start saving now for a better future. You can choose any of the plans depending on your savings goal and risk appetite.

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