Financial experts emphasised on right allocation across asset classes and starting investment in the early stages of the career as the key for a peaceful retired life.

Delving into the gaps in the Indian pension landscape, Deepak Mohanty, Chairman, Pension Fund Regulatory and Development Authority said there is an urgent need to spread literacy on the power of compounding and awareness about the National Pension System among the working population.

With the risk of inflation, pension planning is no more a substitute but a necessity, he stressed at the two-day ‘40After40’ Premier Retirement Planning Expo held in Mumbai. With about 40 speakers, the event drew over 4,000 attendees and featured over 50 exhibitors offering a comprehensive approach to redefine financial considerations for retirement.

Ananth Narayan Gopalakrishnan, a Whole Time Member of SEBI, said while planning for retirement, it is important to understand one’s risk appetite and diversify among asset class as the investments are for longer periods. The role of professional advisors in this aspect is crucial to avoid scams, he said.

Early planning

Bharat Shah, Executive Director, ASK Group emphasised the importance of early planning in nurturing money with care and dedication, imbibing financial knowledge in academics and highlighted growth opportunities in the finance and investment industry.

V Vaidyanathan, MD & CEO, IDFC FIRST Bank, said embracing retirement planning is like stepping onto the cricket pitch as delaying the financial innings can lead to unexpected challenges for ensuring a stress-free retirement down the line.

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Madan Sabnavis, Chief Economist, Bank of Baroda said it is clear that the pursuit of a $5 trillion economy requires a focus on the quality, not just speed, of growth. With a per capita income of $2,400, the key lies in fostering inclusivity and sustainability. A crucial aspect is the private sector’s role in generating more jobs, boosting consumption and ensuring sustained income growth for all citizens, said Sabnavis.

Anup Bagchi, MD & CEO, ICICI Prudential Life Insurance said the three variables — the amount of money, time and return on investment — are critical in planning retirement. He stressed on the tax efficiency and discipline offered by life insurance and recommended strategies such as Systematic Withdrawal Plans and creating a corpus for medical expenses.