Majority of Indians over 45 years of age want to retire in next 5 years over health and work pressure

More and more Indians aged 45-plus want an early retirement. As per a survey conducted by HSBC, around 61 per cent working population in India aged 45 plus want to retire in the next five years.

Majority of the respondents cited work pressure, which was variably affecting mental and physical health.

Global bank HSBC's latest edition of 'The Future of Retirement Healthy New Beginnings study' revealed that 43 per cent would like to spend more time with their family, while others want to travel and pursue other interests.

However, a whopping 59 per cent cited work related pressures and issues as the reason for wanting to retire.

"People worldwide are recognising that retirement can be an opportunity for reinvention and new beginnings. Yet financial barriers are preventing many people from retiring when they would like to - or, in some cases, at all. Almost one in five people fear that they will never be able to retire fully, so the need for sound financial planning is stronger than ever," HSBC India Head of Retail Banking and Wealth Management S Ramakrishnan said.

Also, financial constraints are the biggest reason for those unable to retire, an HSBC survey revealed.

However, 14 per cent of them believe they will be unable to do so. Majority of them said they cannot retire as they would struggle financially.
The findings of the study bring out an urgent need for Indians to begin saving early and planning well for their retirement, the survey said.
On the global front, the survey of more than 18,000 people across 17 countries worldwide found that the desire to retire is the strongest in Argentina (78 per cent), France (77 per cent), China (75 per cent) and the UK (75 per cent).

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