The affluent are busy planning their retirement, are you?

The awareness about the importance of retirement planning seem to be increasing in India.

That is why “upwardly mobile urban Indian professionals” are now focussing on retirement planning early on,notes a report published in _ Business Line,_citing a study conducted by financial planning company Ameriprise India.

Interestingly, the finding is exactly the opposite of the finding the financial planning firm saw in their study conducted last January, when the retirement planning was the lowest agenda among the urban affluent.

[caption id=“attachment_913355” align=“alignleft” width=“380”]  Representational Image. Reuters[/caption]

The study found that they are setting long-term financial goals, which includes retirement planning.Nearly 24 percent of the respondents of the new survey said retirement planning was key priority as against just 10 percent in the last one. The survey was conducted with nearly 700 working professionals across Delhi, Mumbai, Bangalore, Chennai, Hyderabad and Pune. In fact, the current survey also notes that 48 percent of the respondents said family was their top financial priority as against 22 percent in the last survey. Read the whole report here.

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Firstpost take: The fact that more urban professionals are thinking about retirement planning as their top priority is for sure a healthy trend. With families increasingly becoming nuclear, expecting your children to take care of you financially after you retire is not practical. If you want to know the amount of corpus you will need on retirement, online retirement calculators can help you get the relevant numbers. The Employees’ Provident Fund and the Public Provident Fund along with a have a healthy mix of equity and debt instruments, based on your risk profile works well for retirement needs.