49% Indians confident of meeting healthcare expenses in retirement: Survey

Nearly 49% of Indians are confident they will be able to take care of their healthcare expenses after quitting work, reveals the Aegon Retirement Readiness Survey 2018.

India tops in retirement readiness
As many as 40% of Indians achieved a high score, down from 44% in 2017.

* Figures are ARRI scores. ARRI ranks retirement readiness on a scale from 0 to 10. A high index score is between 8 and 10, a medium score between 6 and 7.9, and, a low score being less than 6.


How will future generations fare when it comes to retirement?
While 49% people globally think future generations will be worse off, nearly 47% Indians believe they will be better off.

Which global trends are likely to impact your retirement plans?
Reduction in government benefits is the biggest factor affecting the retirement planning of Indians.

How will your retirement income be funded?
Compared with the global figure of 24%, nearly 46% of Indians are depending on their own savings and investments to take care of their retirement.

What are the benefits offered by your employer?
As many as 46% Indians derive retirement benefits from their employers, compared with 43% globally.

What kind of a saver are you?
More than half the Indians are habitual savers, compared with only 39% globally.

When did you retire?
At 71%, nearly three-fourth Indians retired as scheduled.

What are your key concerns in retirement?
At 12%, need to move to a nursing home is the least of concerns for Indians.

Are you confident you can afford healthcare on retiring?
Baby Boomers, at 54%, are the most confident about being able to afford healthcare costs after retiring.

How important is it to be in your own home?
It is crucial for 40% Indians, compared with 36% globally.

Source: The Aegon Retirement Readiness Survey 2018. The survey was conducted in 15 countries, with 1,000 respondents from India, including 900 workers and 100 retirees. All responses may not add up to 100 due to multiple responses.