INDIA'S DEMOGRAPHIC SHIFT: REDEFINING RETIREMENT IN THE 21ST CENTURY

"Demography is destiny." This quote by Auguste Compte reminds of the significant and rapid demographic change in India, which was long regarded as a youthful nation with a vigorous working-age population.

- R.K. RANGAN

The nation's aging population is creating both challenges and opportunities within the retirement planning arena. This, being a double-edged sword, by increased life expectancy and reduced fertility rates. On the other hand, the sphere of advancements in healthcare, rise of living standards are ever shaping, which is placing immense pressure on the nation's pension systems, healthcare infrastructure, and retirement planning frameworks. Facing these challenges requires a conjoint effort involving policymakers, private players, and communities working towards a secure and sustainable future.

The Demographic Transition: A growing reality: Following countries like Japan and Morocco, India is also experiencing a demographic shift towards an expanding elderly population. By 2050, India's senior population is expected to rise to 319 million, a significant increase from 139 million in 2021. This transition is driven by factors such as advancements in healthcare, increased financial support, greater health literacy, and improved sanitation. However, this demographic shift presents substantial challenges to the economy, infrastructure, and social systems. There seems to be a pressing need to collaborate and find realistic solutions to these challenges with the policymakers, private and public sector coming together.