Working Indians want to move overseas post retirement; US top choice: survey

Mumbai: The United States (US) has emerged as the top priority destination for working Indians who plan to relocate overseas for a better life after retirement, according the HSBC's latest survey, The Future of Retirement Choices for later life.

More than two in every five working Indians (44 per cent) want to settle in another city or town after retirement. Of these, 15 per cent want to move overseas for a better retired life while 29 per cent plan to move within country, the survey shows.

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 percent) and Australia (20 percent).

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

Sanjiv Sud, head of retail banking and wealth management, HSBC India said, ''As Indian families become more mobile and international, spending retirement in two or more locations is an increasingly common goal. The costs of maintaining such a lifestyle could be daunting as people spend higher for travel, varied costs of living and property. With continued financial planning, people with such aspirations can avoid surprises and enjoy the retirement of their dreams.''

The US also emerges 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).

Younger people are more likely to set their sights on moving to another country when they retire. One in five (20 percent) aged between 25 and 44 have this plan, compared to 9 percent of those aged 45 year or more, the survey shows.

Family and friends exert a stronger influence on relocation plans. Almost a quarter (24 per cent) of working Indians wants to relocate to 'be closer to people like me' or be a part of a retirement community while 40 percent are planning to move to be closer to family during retirement.

Supporting dependants
For working Indians, financial decisions are usually more complex than simply spending their money or having it. Nine in 10 (90 per cent) working Indians provide regular financial support to at least one dependant. This proportion peaks to 96 per cent in Indonesia and 92 per cent each in Malaysia and UAE with the global average standing at 78 per cent.

In all 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.