January 27, 2024: Pioneering a new era in post-retirement planning, a recent expo has set the stage for transformation for individuals and their families by addressing critical issues with a comprehensive and holistic approach. The two-day event featuring an impressive lineup of over 40 distinguished speakers, attracting more than 4000 attendees and hosting 50+ exhibitors offered insights and opportunities to help redefine how one can approach financial considerations to make the right lifestyle choices in the context of retirement.
Outlook Money’s ‘40After40’ Premier Retirement Planning Expo emerged as a groundbreaking event, held recently at the esteemed Jio World Convention Centre in Mumbai, had participants engaging in insightful panel discussions, interactive chats, and enlightening masterclasses, connecting with seasoned planners and industry experts.
The event started with an impactful session by Bharat Shah, Executive Director of ASK Group, who emphasised the importance of early planning, addressed the lack of financial knowledge in academics, and highlighted growth opportunities in the finance and investment industry. Shah’s session underscored the sacred duty of building and nurturing money with care and dedication, touching on the holistic nature of wealth that includes intellectual ability, physical well-being, and the drive of the soul.
Speaking about securing the future, V. Vaidyanathan, MD & CEO, IDFC FIRST Bank said, “Embracing retirement planning is like stepping onto the cricket pitch. Start early, as delaying your financial innings can lead to unexpected challenges. Secure your future today, ensuring a stress-free retirement down the line.” As he delved into the gaps in the Indian pension landscape, Deepak Mohanty, Chairman of the Pension Fund Regulatory and Development Authority (PFRDA), spoke of the risks of inflation, the power of compounding, and the need to expand literacy and awareness about the National Pension System (NPS). His session stressed the importance of pension planning as a necessity rather than a substitute.
Madan Sabnavis, Chief Economist at Bank of Baroda, provided valuable insights into India’s journey towards becoming a $5 trillion economy. He highlighted the contrast between the rich and the poor, emphasising the need for real GDP growth, lower inflation, and increased per capita income. Sabnavis discussed the challenges faced by the private sector, pointing to the importance of creating more jobs and stimulating demand to achieve economic growth.
“It’s clear that our pursuit of a $5 trillion economy requires a focus on the quality, not just speed, of our growth. With a per capita income of $2400, the key lies in fostering inclusivity and sustainability. A crucial aspect is the private sector’s role in generating more jobs, boosting consumption, and ensuring sustained income growth for all citizens,” Madan Sabnavis, Chief Economist, Bank of Baroda said.
To demystify the life insurance landscape, Anup Bagchi, MD & CEO of ICICI Prudential Life Insurance, outlined three critical variables for investment. These variables were – the amount of money, time, and return on investment. He stressed the tax efficiency and discipline offered by life insurance and recommended strategies such as Systematic Withdrawal Plans (SWP) and creating a corpus for medical expenses.
Ananth Narayan Gopalakrishnan, Whole Time Member of SEBI, shared insights on retirement planning and the role of proper advice. Gopalakrishnan urged attendees to view it as financial planning, emphasising that it occurs not at a later age but right now. He stressed the importance of understanding one’s risk appetite, diversifying investments, and seeking professional advice to avoid scams.
Vishal Kapoor, CEO, Bandhan MF in his comments said Investing for retirement is about more than just chasing returns. “Future expenses, particularly medical costs, are often underestimated. Aligning investments with specific lifestyle goals and anticipating evolving expenses is crucial. Strategic planning ensures that investments not only beat inflation but also sustain the desired standard of living in retirement,” he said.
The panel discussion on wealth creation featured Sushant Bhansali, CEO of Ambit Asset Management, Deepak Shenoy, Founder and CEO of Capitalmind Financial Services, Anshul Arzare, MD & CEO of YES Securities (India) Limited, and Vasanth Kamath, Founder & CEO of Smallcase Technologies. The panel emphasised the importance of investing in India, choosing good companies, and diversifying portfolios across different industries.
In the session on post-retirement money, a panel consisting of Swarup Mohanty, Vice Chairman & CEO of Mirae Asset Managers (India), Vibha Padalkar, MD & CEO of HDFC Life Insurance, and Kamlesh Rao, MD & CEO of Aditya Birla Sun Life Insurance, discussed the necessity of creating wealth post-retirement. They highlighted the increase in expenditure with age, not only for health but also due to inflation. Vibha Padalkar promoted living retirement with dignity, emphasising the cost associated with guarantees in financial products.
Sashi Krishnan, CEO of National Pension System Trust, addressed reforms in the National Pension System, emphasising the need for investing now. Krishnan outlined why people invest in NPS, including tax exemptions, tax reductions, and the product’s cost efficiency. He highlighted changes in the accumulation and post-retirement phases to enhance the investment experience for participants.
In a special address on investing in a bull market, Sankaran Naren, Executive Director & CIO of ICICI Prudential Asset Management, discussed the importance of asset allocation and hybrid products for a pleasant retirement. He emphasised the need to avoid extremes and adopt a diversified approach for a happy retirement.
Vijay Chandok, MD & CEO of ICICI Securities, explored the role of equity in retirement planning, acknowledging its complexity and risk. Chandok highlighted the dynamic nature of equities, the magic of compounding over the long term, and the importance of staying updated and seeking expert advice. The Financial Planners Panel, featuring Dhruv Mehta, Lovaii Navlakhi, Sadique Neelgund, and Sandeep Jethwani, moderated by Amit Trivedi, discussed the challenges and solutions in financial planning, providing valuable insights for attendees.
Rajit Mehta, MD of Max India & Antara Senior Care, delivered a special address on the next step in healthcare. He discussed the impact of ageing on physical, emotional, and mental well-being and emphasised the transformation of the healthcare system to promote holistic wellness. Mehta introduced Antara’s AGEasy initiative, empowering seniors to age easily and joyfully through health and wellness solutions.
Ira Trivedi, Author, Columnist, and yoga Acharya, conducted a spotlight session on the recipe for wellness. Trivedi emphasised the importance of proper exercise, diet, breath, relaxation, and positive thinking for overall wellness. In another special address, Tapan Singhel, MD & CEO of Bajaj Allianz General Insurance, addressed the long-term roadmap for a healthier nation. Singhel discussed the need for mindfulness, meditation, yoga, exercise, a group of friends, annual checkups, and moderate-income for a healthier life. He highlighted the role of wellness ingrained in Indian culture and advocated embedding health awareness in academic curriculums.
In a spotlight session, National Award Winner Actor Manoj Bajpayee shared insights into his acting career, emphasising the challenges and dedication required for role preparation. He highlighted the importance of simple living and the refugee state of mind that comes with leaving one’s place. The event also featured a spotlight session with Mithali Dorai Raj, former captain of the Indian Women’s Cricket Team, discussing her life story, challenges, and retirement plans. Devdutt Pattanaik, Indian Mythologist, Speaker, Illustrator, and author, delivered a special address relating the Ramayana and Mahabharata to current life situations. He drew inspiration and solutions from mythological scriptures, emphasising the need to accept life for what it is.
Outlook Money’s ‘40After40’ succeeded in creating a unique platform for individuals to gain valuable insights into retirement planning, ensuring a brighter financial future. The event’s success is a testament to the importance of informed decision-making in securing one’s retirement.
