Retirement Tips: Timely or early retirement has been a cause of concern for many and people believe in planning for retirement from an early stage. Zerodha founder Nithin Kamath shared some crucial tips for Gen Z and millennials to help them plan for their retirement. In a series of tweets, Kamath said that Gen Z  & even millennials don't think enough about the falling retirement age due to technological progress & life expectancy going up due to medical progress. He said that in the next 20 years, the retirement age could reduce to 50 years and life expectancy would be around 80 years. So, people will have to fund the 30 years of their lives post-retirement.


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"If climate change doesn't kill us all, the retirement crisis will probably be the biggest problem for most countries 25 years from now. Earlier generations got lucky with long-term real estate & equity bull markets that helped create a retirement corpus. Unlikely in the future," said Kamath.


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He went on to share tips and asked people to avoid taking loans for things that they can do without. "1. Stop getting triggered by everyone trying to lend & stop borrowing to buy things you don't need or depreciate in value. 2. Start saving early. Diversify across FDs/G-Secs & SIPs of Index funds/ETFs. Stocks are probably still the best bet to beat inflation long term. 3. Get a comprehensive health insurance policy for yourself & everyone in the family. One health incident is enough to push most people into financial ruin or set them back many years financially. Jobs don't last forever, hence one policy outside of what is provided at work. 4. If you have dependents, they should be covered if something happens to you. Buy a term policy with adequate cover. In the worst case, this money in a bank FD should cover their financial needs," said Kamath.



Reacting to his thread on retirement planning, Cred founder Kunal Shah said that most Indian consider their children as their retirement plan. "Cred'For most Indians, their children is their retirement plan," said Shah.



The present retirement age is somewhere between 58 and 65 years in India.