Earlier retirement was considered the last stage of a career, but now the trend of ‘multi-retirement’ is increasing rapidly among professionals. The main reason for this is that people’s attitudes towards earning money, creating wealth, and being happy have changed. HSBC’s ‘Quality of Life Survey’ has revealed some interesting information about this. This survey included 10,797 investors from all over the world, including India, including Indians aged 21 to 69.
What is a mini-retirement and its benefits?
Mini-retirement means a short break taken from a career, which professionals plan themselves. This break can be from a few months to a few years. During this time, the person focuses on things he likes, such as traveling, spending time with family, and learning new skills. 85% of the Indians surveyed believe that taking mini-retirement improves their quality of life, and they feel a positive change.
Why is the trend of multi-retirement increasing?
Multi-retirement means taking many such small breaks throughout life. It gives people a chance to decide their priorities and fulfill their desires. This trend is growing rapidly in India. 48% of the people surveyed want to take at least one mini-retirement, while 44% believe that this break should be of 3 to 12 months. This is a big change in the traditional thinking of retirement that has been going on for decades.
Sandeep Batra, Head of International Wealth and Premier Banking, HSBC India, says that multi-retirement shows how people are thinking about career and personal life.
Proper planning is necessary for a mini-retirement
According to the survey results, 61% of the people said that they want to spend $1,00,000 or more on each mini-retirement. The main sources of money during this break are financial support from family or parents, part-time work, or freelancing. The younger generation in India, especially Gen-Z and millennials, is showing more interest in mini-retirement. About 64% of Gen-Z and 58% of millennials want to plan for a mini-retirement. Sandeep Batra said that it is very important to create an aggressive investment strategy for such a break, in which financial security is most important.