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Retirement Blues: Indians Expect Children to Take Care
www.hindu.com
India
July 26, 2005
With life expectancy outgrowing the retirement age, nine out of every ten Indians expect their children to take care of them in old age, according to a HSBC study.
HSBC's study 'The Future of Retirement' conducted in ten countries, including India, on global attitudes to ageing and retirement found that Indians view the sunset of their life as a time to live with and be cared for by their families.
They will neither bear their own retirement costs nor do they expect government to pick up the tab.
According to the study, 34 percent feel they are least likely to be seriously concerned about being a burden in old age.
About 64 percent think their children and other family members will bear most of their retirement costs, while nine in 10 (94 percent) expect to rely on their children.
Regarding retirement planning, 50 percent of pre-retirees said they have taken steps to prepare for retirement in the last 12 months and 29 percent think they will bear their own retirement costs.
Interestingly, half the respondents think not having to worry about money is extremely important for a happy old age.
Indians tend to think that their best days are over when they reach old age, but are less worried as they can reliably count on their children, who have mixed views on elders.
Mostly, people think that becoming a grandparent or children getting married, mark the beginning of old age -- a time to assume a different role and purpose within a family and society.
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