When asked about retirement, Bollywood actor, director, and producer Boman Irani likened it to a phase of life when he has complete financial freedom and can do what he wants—write, teach, and produce films for the rest of his life. The actor made the remarks at the Retirement Roadmap 2025 conference organised by the Max Life Pension Fund Manager in Aero City, Delhi.

Other distinguished guests who attended the event included Sumit Kumar, chief general manager of the Pension Fund Regulatory And Development Authority (PFRDA); R.D. Choudhury, executive director of human resources, Delhi Metro Rail Corporation (DMRC), and Navin Chaudhary, executive director and head of rewards, DBS Bank.

Speaking on the question of retirement, Irani said: “I do not believe in retirement. I believe that one must die with the boots on. I want to continue working; retirement is not my option.”

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Boman, who starred in blockbuster movies like “Three Idiots” and “Munna Bhai MBBS”, said he wants to give back to society—teach, share, write, and produce films. “That’s the retirement I would like to look at where I can do what I want without worrying about finances.”

The April 27 conference discussed different aspects of retirement and financial planning, where panellists gave their views. Some broad topics included:

Planning For Retirement

Commenting on how one should prepare for retirement, Kumar said, “Retirement is an important milestone. It is a significant change in life. So, you have to plan it carefully. We should start saving early for retirement and remain invested in the financial instruments towards this goal.”

Choudhury shed light on the investment strategies for retirement. He stressed retirement is more than managing aging. It is about managing choices in your working life. “As far the options are concerned, there are several pension schemes. The issue is which one is more important? The choice should be weighed along with the efficiencies of the pension schemes. I feel that NPS gives you the most efficient returns of all the pension schemes in India. It can be customised, it is portable, and it is transparent,” he said.

Selection of Strategies

The selection of retirement strategies depends on the individual’s risk appetite. Health insurance coverage is also a vital consideration in retirement planning. Choudhury emphasised, “In 1950, average life expectancy was 35.21 years, now it is about 70, and in 2100, it will be 81.96. There is a mismatch in the retirement age and life expectancy. So, the strategy has to fine-tune all this. Therefore, growing old is inevitable, but growing your wealth is an option.”

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This aspect shows that you must have a comprehensive retirement plan. Chaudhary highlighted the misconceptions about retirement, explaining that age and finance are crucial considerations in retirement planning. “One misconception about retirement is that when people say, I am never going to retire, or retire at a particular date or age. And there may be someone who feels there is plenty of time to retire. India today does not have any regulated retirement age as such. On the government side, organisations are increasing the retirement age, but on the private side, the retirement age is getting reduced because the demand and supply are not in correlation. We have a huge supply, but the demand is not on the corporate side. Hence, they are trying to reduce their retirement age,” Chaudhary stressed.

On the other hand, Kumar stressed the critical role of financial literacy in retirement planning, highlighting PFRDA’s awareness drives for financial literacy. “People are literate but still lack in retirement planning. PFRDA has taken different initiatives to spread awareness, such as ‘Pension Sanchay’ and ‘NPS Ki Paathshaala’, a YouTube series. While a lot has been done, much more is to be done,” said Kumar.

When asked how one should prepare for unexpected financial challenges, Chaudhary stressed the importance of having clear goals and the flexibility to adapt to economic changes.

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So, diversify the investment portfolio, have sufficient health coverage, keep an eye on global economic factors, and be ready to face reality if something unplanned happens. If you don’t accept and adapt to it, it can put adverse pressure on your mental health. All the experts unanimously agree that financial literacy is key to financial freedom in retirement.