Is this a question that has bothered you? or like everybody who follows the media think that you should have retirement plans well funded so that you can ‘retire’ at………….what ever age?
Let us look at the Indian situation. Most Indian men will not know what to do once they retire (women readers please comment!!). They have no hobbies, and cannot help around the house without creating a fuss or a mess. The women suddenly have too much of the husband and too little of the ‘earned’ income. Terrible combination, right?
Also many people are perfectly capable of working beyond the age of say 67 – which could be the ‘new’ retirement age – considering that people live till they are 85-90 years old.
Also I am against the concept of people sitting idle – immaterial of whether they can afford it. An idle mind takes its cost – both physical and mental. So no great social, physiological or psychological reasons for retirement.
Now the financial angle. Honestly how many 62 year olds (let alone 27 year olds!!) can say that they know how much money they have -AND THAT it is sufficient for their lives. It means can they say ‘my money will outlive me’?
Frankly I do not know. Many of them are ‘hoping’ that in a worst case scenario their kids will support them. Hope is not strategy!
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