Wednesday, July 9, 2008

Most People in India Don’t Do Any Retirement Planning

A MetLife India Insurance survey has pointed out that most of people in India do not plan for the life after retirement. Indeed, 80% of Indians don’t do any retirement planning independent of any mandatory government plans. Despite worry about comfortable life after retirement; they do a little to plan for life after retirement.

Many full time workers in developing and also in mature economies have taken a few steps to plan their life after retirement. MetLife’s Rajesh Relan has released these findings of the surveys.

According to traditions of Indian society, a family would take care of its older members. But with demographic mobility young people are relocating themselves to areas other than their home base. Thus this safety net in families is getting weak with time in developing economies. This socio problem will only be solved if people would plan their life after retirement.

Life expectancies around the globe continue to rise with increase of food and oil prices in international market. Pension reforms are putting more responsibility on employees to fund their own retirements.

Lack of independent retirement preparedness is especially worrisome in both developing and mature economies. The number of employees who plans for retirement is also low in developed countries like Australia (58%), the US (46%) and the UK (31%). the UK was "most financially fit" and ahead of the other countries where 71% people workforce have taken steps to manage their retirement life. 69% have just started to plan about needs after retirement. The aim of GFK survey is to highlight the financial needs, habits and perceptions of employees and employers in India, Mexico, Australia, the UK and the US.


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Saturday, July 5, 2008

Australian Retirees Having Money Problems

The Association of Independent Retirees says a poor financial year worldwide has put its members on the bread line.

Queensland president Helen Sava says over the last financial year retirees who have savings invested in stock have lost 50 per cent of their value while superannuants' investments have also declined. She says retirees are preparing for a mini-recession.

"They're taking the wise approach at the moment and not selling, they're holding on to them just waiting to see what sort of dividends they're going to get," she said.

"The superannuants, their funds are down between 15 and 30 per cent depending on which fund they're in and this is giving them a very lean living at the moment and it's forecast to last for at least another 12 months."

The money you enjoy spending frivolously to enhance your retirement is money well spent.
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