No early exit: Why India's 50-Somethings want to keep working

Copyright © HT Digital Streams Limit all rights reserved. For many professionals today, this does not mean that the countdown starts to retirement. Instead, they are still looking for decades of work, although on different conditions. Summary for many professionals, to turn 50, does not mean a countdown to retirement. They still see decades of work. After all, the financial juggling reinforces in the 50s, when responsibilities are peak and pension. Sudden disruptions such as discharge can derail even the most accurate plans. People in their fifties navigate in a particularly vulnerable phase of life. With discharge in this common age group, the labor market is increasingly uncertain. Companies hesitate to rent at this cohort, leaving choppers to balance heavy responsibilities – to fund children’s higher education, care for outdated parents and planning retirement just around the corner. Unlike the younger fire (financial independence, early aspiring), they do not dream of early retirement; Most simply want the safety to work for as long as possible. ‘This generation worked hard from a young age and often supported their parents early. Even if they earn well, their expenses are measured, and lifestyle crawls rarely float. Among my 50+ customers, I don’t see them looking for early retirement. What they do focus on is whether they can lose their work today, they can maintain tomorrow, ‘said Abhishek Kumar, founder of Sahajmoney, A Sebi-Regized Investment, founder, founder of Sahajmoney founder, A Sebi Regedered Investment, founder, founder of Sahajmoney, says a Sebi regeder. Advisory firm. 60s are the new 40s for many professionals today, and 50 are not meant that the drawing down to retirement has begun. Instead, they are still looking for decades of work, although on different conditions. Take Kaushik Chakraborty, 50, Human Resources Head of Gurgaon, at a British real estate consultant firm. “I believe that 60s are the new 40s. I see a long real life before me. In our firm there is no retirement age. From a government perspective, we follow statutory norms, but people are free to move on, ‘he said. For Chakraborty, uphill is not negotiable. “You can’t predict what lies ahead. Keep track of technology infusion in your industry. I am confident that I will not lose my job, but in a worst scenario I know that I can use my leadership and coaching experience to keep earning, ‘he added. Ravi Jakareddy, 55, senior executive at a MNC car, is taking similar steps. With his business dealing extensively with Japanese customers, he learns the language to stay relevant. “This is an extra advantage. I also regularly attend training programs. Flexibility in behavior is just as important – Gen -Zs join the workforce, so you have to mentor them while learning from them as well,” he said. But he warns that the mid and senior corporate structures are at greater risk. ‘Firms try to get more with fewer people. The lower pyramid is relatively safe, but the middle and top should remain attentive. Some of my colleagues did not realize that their roles would be eliminated. They had a difficult time. Evening quickly, or you’ll be left behind, ‘he warned. Jakareddy does not strive to retire early, but over time wants more control. “I can’t retire financially yet, but eventually I prefer a 2-3 hour role daily, not 9-12 hours,” he said. Entrepreneurs, meanwhile, see the idea of ​​retirement differently. Pune-based Kirtikumar Dhruv, 50, an engineer-driven entrepreneur, stopped his corporate work early to start his own businesses. “It was not about fear of discharge, but in retrospect it feels like the right decision. My first business is staff and recruitment, which thrives or hire firms or rental workers. My second business is AI and automation,” he explained. For him, retirement is not on the horizon. ‘Entrepreneurs don’t really retire. I enjoy working, and even if the next generation takes over one day, I will stay involved, ‘he said. The management of investments and expenditure financial juggling strengthened in the 50s, when responsibilities peak and retirement rands are closer. For some, sudden disruptions such as discharge can derail even the most accurate plans. ‘One of my clients was recently discharged, which disturbed his financial planning. His existing investments can take care of pension, but the future is always uncertain. We advised him to be conservative with expenses. He needs £ 1 lakh a month, but we have broken it in the mandatory and non-joint expenses and work at lately, ‘says Kumar of Sahajmoney. Most in their 50s live according to the principle of Save First, spend later, but many acknowledge that they have started investing late and are now catching up. Take Chakraborty. Like many in his generation, he was invested in real estate, but has since liquidated a lot of it to build an equity portfolio. A financial advisor has helped him to raise mutual funds, although his direct stock portfolio – built by conversations with colleagues and friends – is greater. “My advisor asked me to sell a few shares and move more to mutual funds, but I don’t quite agree. What I do follow is to increase my sip by 10% every year, although I don’t leave shares,” he said. Live in an apartment in Gurgaon, drive a car with a company, buy less clothes and want a junk -free life away from consumerism, ‘he explained. Standing my emergency funds can cover a year without income, and I knit it up to two years. My mind is stuck in what I can build, rather than what I can work with today, not a cost of income. and professional earnings, ‘he explained. To start forming a consultation while still employed. Retirement or the first few after seeing a downturn in the market will still be safe, ‘he advised. A safety margin in congestion and withdrawal helps cushion against surprises such as job losses or market disorders, ‘he said. News updates about live mint.