Why pension planning can no longer be optional Premium
The Hindu
Discover why pension planning is essential in modern India to ensure financial security and peace during retirement.
There was a time when retirement in India was largely someone else’s responsibility. A government pension or the comfort of a large joint family often filled the gap. That reality, however, has changed quietly but decisively. Today, the burden of retirement security is shifting squarely onto individuals and households. If we do not plan early and deliberately, the cost of delay can quickly become overwhelming.
The uncomfortable truth is simple. In modern India, growing old without being financially prepared is a risk many households can no longer afford.
India has made visible progress in financial inclusion. Bank account ownership is widespread, and market linked retirement products are gaining traction.
Yet beneath the surface, the pension safety net remains thin.
Recent analysis shows that formal retirement schemes such as EPFO, NPS and Atal Pension Yojana together cover less than 25% of the workforce. That means the vast majority of India’s working population is either underprepared or completely unprepared for retirement.
Even broader financial behaviour tells a similar story. While more than 78% of Indian adults have bank accounts, fewer than 14% participate in any formal pension or retirement scheme.
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