Eastern India leads in retirement readiness, Max Life study finds

People in Eastern India are better prepared for retirement than those in other regions of the country, thanks to a higher propensity to save for the future, according to the latest India Retirement Index Study (IRIS). Conducted by Max Life Insurance in partnership with KANTAR, the study reveals that East India scored 54 on the Retirement Index, well above the national average of 49, and higher than North (48), South (48), and West India (49).

The IRIS study, which measures preparedness for a financially independent and healthy retirement, found that 72% of Eastern India’s respondents are actively investing for their retirement, with 82% confident about maintaining their health during retirement. In comparison, retirement investment rates in other regions were lower: West (66%), North (60%), and South (58%).

The survey, conducted across six urban centers—Ranchi, Jamshedpur, Patna, Cuttack, Guwahati, and Kolkata—also highlighted a strong trend in early retirement planning. About 56% of Eastern respondents advocated for planning before age 35, and 94% of those over 50 expressed regret for not starting earlier. Life insurance remained the most popular retirement investment, with 68% of Eastern India’s respondents choosing it for retirement security.

East India also led in National Pension System (NPS) ownership, with nearly one in four holding an NPS account. Financial product awareness was high, with 97% familiar with life insurance and 90% aware of health insurance options.

While the study noted that fewer people in the East were worried about basic needs or child support in retirement, health concerns remained significant. Some 82% of respondents were confident in their ability to maintain good health through retirement, while an increasing number reported regular health check-ups.

However, emotional concerns about loneliness and environmental factors like pollution and global warming still persist. About 64% of people expressed concerns about loneliness in retirement, while 76% were worried about the impact of environmental changes.

The study also found that one in three East Indians prioritized medical care and children’s futures in their retirement plans. An overwhelming majority of respondents wished to live close to their children post-retirement, underlining the importance of familial support even in nuclear households.

“Retirement planning is becoming increasingly important, and it’s encouraging to see Eastern India prioritize financial stability, health, and emotional well-being,” said Rahul Talwar, EVP & Chief Marketing Officer of Max Life.

The findings underscore the need for tailored retirement solutions in the insurance sector that address both financial and health aspects, Talwar added, with a focus on raising awareness around early planning and fostering overall well-being during retirement.