IRIS 5.0: Revolutionizing India's Retirement Landscape

The fifth edition of the India Retirement Index Study (IRIS 5.0) reveals improved retirement readiness in India, with a score increase from 44 to 48. The survey highlights heightened health and financial awareness, yet emphasizes the gap in achieving retirement goals. Segments like gig workers and women show varied preparedness levels.

India's retirement readiness has seen a notable improvement, as reflected in the latest IRIS Index score, which rose from 44 to 48 over four years. This demonstrates enhanced financial, health, and emotional awareness, as reported by Axis Max Life Insurance in its fifth India Retirement Index Study (IRIS 5.0).

A significant shift is noted as half of urban Indians believe retirement planning should start as soon as they earn. While 43% advocate for planning by age 35, only 37% have achieved even a quarter of their target corpus. Financial sufficiency remains low, with 63% thinking their savings won't last a decade post-retirement.

The study identifies women, gig workers, and return migrants as key segments needing tailored solutions, highlighting diverse retirement readiness across urban centers in India. Emotional and environmental concerns persist, signaling the need for comprehensive advisory support to bridge the awareness-preparedness gap.

(With inputs from agencies.)