As the traditional Indian joint family structure shifts toward nuclear families and urban migration, two key groups are shaping the country's changing retirement mindset, according to a new study.
The fifth edition of Axis Max Life's flagship India Retirement Index Study (IRIS), conducted in partnership with global marketing data and analytics company Kantar, has revealed that the two key groups include the Sandwich Generation, which supports both ageing parents and dependent children, and Empty Nesters, parents living independently after their children have moved out.
With an overall national India Retirement Index score of 48, the IRIS study reveals a critical gap in long-term security: only 33% of Empty Nesters and 38% of the Sandwich Generation believe that their savings will last more than 10 years post-retirement.
Axis Max Life MD and CEO Sumit Madan said, “The Sandwich Generation and Empty Nesters reflect two distinct, yet interconnected realities of India’s demographic transition. While one is balancing the immediacy of multi-generational responsibilities, the other is planning for a future defined by independence and self-reliance. Our focus is on closing the gap between awareness and true preparedness.
“Retirement planning must move beyond accumulation to address longevity, dignity, and emotional security, ensuring individuals can age with confidence, autonomy, and peace of mind.”
The major insights from the study revealed that Empty Nesters, as a cohort are already at the cusp of retirement and they exhibit a ‘better late than never’ approach towards building their investment for retirement.
The Sandwich Generation is caught up in a high-stakes balancing act. It is in a mid-life race and holds a slightly higher retirement index of 49, driven by a dual burden of responsibility.
The study evaluated India’s readiness for a healthy, peaceful, and financially secure retirement across three indices— financial, health, and emotional preparedness—each measured on a scale of 0 to 100. The fifth edition surveyed 2,242 respondents across 28 cities, including new segments such as gig workers.