Axis Max Life Retirement Index 5.0 shows how the sandwich generation and empty nesters prepare for their second innings

Today, as the traditional Indian joint family structure is shifting towards nuclear families and urban migration, the study highlights two key groups shaping the country’s changing retirement mindset: the sandwich generation, which supports both aging parents and dependent children, and empty nesters, parents who are living independently after their children move out. With an overall National India Retirement Index score of 48, the IRIS study reveals a significant gap in long-term security: only 33% of empty nesters and 38% of the Sandwich Generation believe their savings will last more than 10 years after retirement.

Sumit Madan, Managing Director and CEO, Axis Max Life, said, “The sandwich generation and empty nesters reflect two distinct, yet interconnected realities of India’s demographic transition. While one is balancing the urgency of multi-generational responsibilities, the other is planning for a future defined by independence and self-reliance. At Axis Max Life, our focus is on bridging the gap between awareness and true preparedness. Retirement planning must move beyond accumulation to address longevity, dignity and emotional security to ensure individuals can age with confidence, autonomy and peace of mind.’

key insights

Empty nesters: Vision-based discipline amid longevity concerns

Empty nesters, as a group that is already on the verge of retirement, demonstrate a ‘better late than never’ approach towards building their investments for retirement.

Financial accuracy and investment discipline

• Investment proactivity: 71% have already started their retirement investing journey, slightly higher than the national average of 67%.
• High financial awareness: 86% of this group know the exact amount of money they need to maintain their post-retirement lifestyle.
• Strategic asset shift: While 61% rely on traditional fixed and recurring deposits, 44% now invest in mutual funds or SIPs, much higher than the national average of 32%.
• Planning Mindset: Only 18% believe retirement planning should be postponed until all other life responsibilities are complete.

Health realism and longevity concerns

• Health engagement: 55% undergo regular or occasional health checkups, while 52% are covered by health insurance, in line with the national level.
• Fitness gap: Daily physical activity lags slightly behind the national benchmark, with 40% exercising daily compared to the all-India average of 43%.
• Management style: This group is “treatment-based”, with 32% following strict medical advice or medication routines, with 30% focusing on self-care.
• Diminished health beliefs: Reflecting concerns over aging, only 72% believe they will remain fit in retirement, well below the national average of 79%.

Emotional emptiness and family support

• Isolation concerns: Three in four (75%) express fear of loneliness in their retirement years, slightly higher than the national average of 71%.
• Dependency and Environment: Concerns regarding financial dependence on children (73%) and environmental changes over a peaceful retired life (80%) remain high and in line with national trends.
• Family as an anchor: Despite these concerns, 55% feel completely secure about receiving support from their family during retirement, reflecting national sentiment.

The Sandwich Generation: The High-Stakes Balancing Act

Caught in the mid-life race, this group has a retirement index of just over 49, driven by the double burden of responsibility.

Financial planning and investment drivers

• Investment readiness: 67% have already started their retirement savings journey.
• Key Influencers: The primary triggers for retirement investing are family recommendations (50%) and increasing awareness of life’s unpredictability (38%).
• Protection Leader: This group slightly leads the country in life insurance ownership with 78%.
• Traditional safety net: Dependence on legacy structures remains high among those who have not started investing for retirement, with 40% expecting children to take care of them and 37% relying on inherited assets.

Holistic Health and Risk Management

• Health optimism: 79% believe they will remain fit and healthy during their retirement years.
• Proactive Wellness: 38% lean toward self-health care, while 45% engage in daily exercise (slightly higher than the national benchmark of 43%).
• Medical Coverage: Health insurance coverage is 52%, putting them slightly ahead of the all India average of 50%.

Emotional and dependency paradox

• Family Trust: 55% feel completely secure about receiving support from their family in the future.
• Fear of loneliness and aging: Despite family support, 71% fear loneliness in retirement.
• Burden Factor: About 76% of people worry about being financially dependent on their children during their retirement.
• Freedom Struggle: His emotional landscape is defined by the “dependence paradox”, a deep belief in familial anchors balanced against the modern desire for dignity and independence.

Notes to Editor

The Sandwich Generation refers to the middle-aged demographic who are “sandwiched” between the responsibility of caring for their aging parents as well as supporting their own dependent children, while Empty Nesters are parents whose children have grown up and moved out of the family home to pursue careers or education, leaving the parents to fend for themselves.

Axis Max Life’s India Retirement Index Study (IRIS) is serving as an important survey for urban India, measuring readiness across financial, health and emotional pillars. Highlighting the nuances of these groups, IRIS provides the necessary roadmap for Indians to move from “investment participation” to “long-term financial security”.

Read more about India Retirement Index Study – IRIS 5.0

About India Retirement Index Study

India Retirement Index Study is an annual retirement study conducted by Axis Max Life in partnership with KANTAR. The study assessed India’s readiness for a healthy, peaceful and financially secure retirement based on three indices of financial, health and emotional preparedness, each measured on a scale of 0 to 100. The fifth edition surveyed 2,242 respondents across 28 cities, which also included new segments such as gig workers.

About Axis Max Life Insurance Limited (https://www.axismaxlife.com)

Axis Max Life Insurance Limited, formerly known as Max Life Insurance Company Limited, is a joint venture between Max Financial Services Limited (“MFSL”) and Axis Bank Limited. Axis Max Life Insurance offers comprehensive protection and long-term savings life insurance solutions through its multi-channel distribution including agency and third-party distribution partners. It has built its operations over two decades through a need-based sales process, customer-centric approach to engagement and service delivery and trained human capital. As per the annual audited financial data for FY 2024-25, Axis Max Life Insurance has achieved gross written premium of Rs 33,223 crore.

IRDAI Registration. Number-104

Company Information Number – U74899PB2000PLC045626

about kantar

Kantar is the world’s leading marketing data and analytics business and an indispensable brand partner for the world’s top companies. We combine the most meaningful behavioral and behavioral data with deep expertise and advanced analytics to uncover how people think and act. We help clients understand what has happened and why and how to shape marketing strategies that shape their future. Visit to know more www.kantar.com

Note to readers: This article is part of HT’s paid Consumer Connect initiative and has been independently created by the brand. HT does not take any editorial responsibility for the content, including its accuracy, completeness, or any errors or omissions. Readers are advised to independently verify all information.

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