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The Changing Landscape of Retirement in India

Retirement in India

Senior Citizen Job Portal, best job portals in India

The world is rapidly evolving and so is how people think about retirement. Once viewed as a period of leisure after years of dedicated work, it is now viewed as the beginning of a new chapter, full of possibilities and learnings. Retirees have to strategically plan for their golden years to adapt and navigate through this dynamic modern world. This article will delve into the changing landscape of retirement in India.

1. Shift in Demographics

The advancement in healthcare and technology has led to an increase in life expectancy rates and a decrease in mortality rates. This combined with the decreasing fertility rate is leading to a major demographic shift in India. With the retirement age in India falling between 58 to 62 years, individuals are spending almost as much time in retirement, as they did while working full-time. According to a survey conducted by ICICI Prudential Life, India’s retirement population will rise to 41% by 2031.1 This shift in demographics has to be supported by both industry and government reforms which may be lacking in the present times. 

2. Change in Family Dynamics 

There has been a notable cultural shift that has been seen in Indian society. People are moving away from joint families which were once the pillars of eldercare, to nuclear families where the pressure of caregiving gets concentrated on a few people. With children living away from their parents, retirees should aim to become more self-sufficient and independent, both in terms of finances and emotional, mental, and physical well-being.   

3. Retirement Planning

Inflation rates have risen dramatically in the last few years. The exponential rise in the cost of healthcare and living is a point of major concern. This is pushing more and more people to start planning their retirement. A 2023 Retirement Income Literacy Study shows that “as retirement planning knowledge improves, so does confidence” of retirees in handling their investments throughout retirement and living a comfortable life.2 

4. Change in Pension Schemes

There has been a notable shift in the kind of pension schemes that companies offer, from the Defined Benefit (DB) plan to Defined Contribution (DC) schemes. This change mainly stems from the fact that DB has higher employer costs, the responsibility of uncertain obligations, and the appeal of an immediate, portable benefit for a mobile workforce, among other things. DC majorly includes the National Pension System (NPS) and Employees’ Provident Fund (EPF). 

Despite all the changes and challenges that have been seen in the retirement landscape over the past few years, there is one common solution that can, in part, solve many of these challenges.

Start an encore career

One other trend that has been on the rise is retirees wanting to return to work. They want to be mentally engaged and stay active. The depth of their knowledge and experience will help companies grow. This would also supplement their retirement money with additional income which would ensure that their funds are not getting depleted. 

WisdomCirlce is the best job portal in India which connects retirees to job opportunities across industries and sectors. There are a plethora of success stories that provide a bird’s eye view of the variety of job opportunities that this senior citizen job portal can offer.


The changes that have taken place in the retirement landscape, may take a little getting used to, but are by no means negative changes. There is a need for strategic reforms by the industry and the government to cater to these changes. Additionally, the increase in the number of retirees seeking work post-retirement should also open a dialogue into increasing the retirement age. The good news is that “India’s retirement index has increased from 44 to 47, indicating an improvement in retirement preparedness.”4 The index is based on three factors namely health, finance, and emotion. There is still a long way to go but there is a positive change taking place.


  1. https://www.thehindubusinessline.com/money-and-banking/indias-retirement-population-to-rise-41-by-2031-icici-prudential-life-survey/article66604121.ece
  2. https://www.theamericancollege.edu/knowledge-hub/press/study-finds-that-improving-financial-literacy-supports-retirement-wellness-and-confidence 
  3. https://www.shrm.org/topics-tools/news/benefits-compensation/defined-benefit-to-defined-contribution-systematic-approach-to-transitioning-retirement-plans
  4. https://economictimes.indiatimes.com/jobs/hr-policies-trends/indias-retirement-index-rises-by-three-points-on-the-back-of-increasing-health-awareness-survey/articleshow/103020764.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
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