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US tops the retirement destination chart for Indians, says HSBC survey

Forty four per cent of working Indians want to settle in another city or town after retirement.

twitter-logo PTI   New Delhi     Last Updated: April 29, 2015  | 14:46 IST
US tops the retirement destination chart for Indians, says HSBC survey
Photo for representation only (Source: Reuters)

Forty four per cent of working Indians want to settle in another city or town after retirement and for those wanting to move overseas the United States has emerged as the top destination, says a survey.

According to the HSBC's latest survey - 'The Future of Retirement Choices for later life', 44 per cent of working Indians want to settle in another city or town after retirement, and of these, 15 per cent want to move overseas for a better retired life while 29 percent plan to move within country.

The US tops the retirement destination chart (35 per cent) for Indians who would like to move overseas once they stop working, followed by UK (24 per cent) and Australia (20 per cent), it added.

Relaxed lifestyle, better healthcare facilities and pleasant weather were some of the key reasons for which Indians prefer moving to another city or town, according to the survey.

The US also emerged as the top retirement destination globally with 19 per cent of respondents choosing the country for relocation, ahead of Australia (17 per cent), Canada (16 per cent), New Zealand (11 per cent) and UK (11 per cent).

Meanwhile, around 36 per cent working Indians are supporting parents and over a quarter fund children under 16 (27 per cent) or grown-up children (27 per cent), according to the survey.

India's strong family support system is a key factor to the rise of the 'living inheritance', which adds another dimension to the already complex financial pressures faced by Indian retirees.

Therefore they must build a substantial retirement corpus through a mix of growth and income assets, HSBC India Head of Retail Banking and Wealth Management Sanjiv Sud said.

The survey, commissioned by HSBC last year, covered 16,000 people in 15 regions or countries globally, with 1,000 respondents from India.

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