Axis Max Life’s India Retirement Index Study 5.0 Uncovers Critical Retirement Gaps for India’s Sandwich Generation and Empty Nesters

• Only 33% of Empty Nesters expect Retirement Corpus to last a decade
• 71% Sandwich Generation respondents admit to a deep-seated fear of loneliness

New Delhi, January 27, 2026: Axis Max Life Insurance Limited (“Axis Max Life” / “Company”), formerly known as Max Life Insurance Company Limited, has released cohort-level findings of the Sandwich Generation and Empty Nesters as part of the fifth edition of its flagship India Retirement Index Study (IRIS) conducted in partnership with Kantar, a leading global marketing data and analytics company. 

Today, as the traditional Indian joint family structure shifts toward 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 living independently after their children have moved out.  With an overall national India Retirement Index score of 48, the IRIS study reveals a critical gap in long-term security: only 33% of Empty Nesters and 38% of the Sandwich Generation believe that their savings will last more than 10 years post-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 immediacy 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 closing the gap between awareness and true preparedness. Retirement planning must move beyond accumulation to address longevity, dignity, and emotional security ensuring individuals can age with confidence, autonomy, and peace of mind.”

Key Insights

Empty Nesters: Hindsight-Led Discipline Amid Longevity Concerns

Empty Nesters, as a cohort that’s already at the cusp of retirement, exhibit a ‘better late than never’ approach towards building their investment for retirement.  

Financial Precision & Investment Discipline

• Investment Proactivity: 71% have already started their retirement investment journey, surpassing the national average of 67% marginally.
• High Financial Awareness: 86% of this cohort knows the exact corpus required 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, significantly higher than the national average of 32%.
• Planning Mindset: Only 18% believe that retirement planning should be deferred until all other life responsibilities are completed.

Health Realism & Longevity Concerns

• Health Engagement: 55% undergo regular or occasional health check-ups, while 52% are covered by health insurance, both in line with national levels.
• The Fitness Gap: Daily physical activity trails slightly behind the national benchmark, with 40% exercising daily compared to the 43% all-India average.
• Management Style: This group is “treatment-led,” with 32% following strict medical advice or medication routines, alongside a 30% focus on self-care.
• Muted Health Confidence: Reflecting concerns over aging, only 72% believe they will remain fit during retirement, notably lower than the national average of 79%.

The Emotional Void & Familial Support

• Isolation Anxieties: Three in four (75%) express a fear of loneliness in their retirement years, exceeding the national average of 71% slightly.
• Dependency & Environment: Concerns regarding financial dependence on children (73%) and the impact of environmental shifts (80%) on a peaceful retired life remain high and consistent with national trends.
• Family as an Anchor: Despite these anxieties, 55% feel totally secure about receiving support from their family during retirement, mirroring the national sentiment.

The Sandwich Generation: The High-Stakes Balancing Act

Caught in a mid-life race, this cohort holds a slightly higher Retirement Index of 49, driven by a dual burden of responsibility.

Financial Planning & Investment Drivers

• Investment Readiness: 67% have already begun their retirement savings journey.
• Key Influencers: The primary triggers for retirement investing are family recommendations (50%) and a growing awareness of life’s unpredictability (38%).
• Protection Leaders: This cohort is marginally ahead of the nation in life insurance ownership at 78%.
• The Traditional Safety Net: Reliance on legacy structures remains high among those who have not started investing towards retirement, with 40% expecting children to care for them and 37% relying on inherited wealth.

Holistic Health & Risk Management

• Health Optimism: 79% believe they will remain fit and healthy during their retirement years.
• Proactive Wellness: 38% are inclined toward self-healthcare, while 45% engage in daily exercise (surpassing the national benchmark of 43% slightly).
• Medical Security: Health insurance coverage stands at 52%, placing them marginally ahead of the all-India average of 50%.

The Emotional & Dependency Paradox

• Familial Trust: 55% feel totally secure about receiving support from their family in the future.
• Loneliness & Aging Fears: Despite familial trust, 71% fear loneliness in retirement.
• The Burden Factor: Around 76% worry about becoming financially dependent on their children during their retirement.
• The Independence Conflict: Their emotional landscape is defined by a “dependency paradox”, a deep trust in family anchors balanced against a modern desire for dignity and independence.

Notes to the Editor

Sandwich Generation refers to the middle-aged demographic who are “sandwiched” between the obligation of caring for their aging parent(s) while supporting their own dependent children simultaneously while Empty Nesters are those parents whose children have grown up and moved out of the family home to pursue careers or education, leaving the parents behind to live on their own.

Axis Max Life’s India Retirement Index Study (IRIS) continues to serve as a vital survey for urban India, measuring readiness across Financial, Health, and Emotional pillars. By highlighting the nuances of these cohorts, IRIS provides the roadmap necessary for Indians to move from “investment participation” to “long-term financial security.”

Read more about the India Retirement Index Study at – IRIS 5.0 

About India Retirement Index Study 

India Retirement Index Study is an annual retirement study by Axis Max Life conducted in partnership with KANTAR. The study evaluates India’s readiness for a healthy, peaceful, and financially secure retirement across three indices Financial, Health, and Emotional Preparedness each measured on a scale of 0 to 100. The fifth edition surveyed 2,242 respondents across 28 cities, including 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, a customer-centric approach to engagement and service delivery and trained human capital. As per annual audited financials for FY2024-25, Axis Max Life Insurance has achieved a gross written premium of INR 33,223 Cr. 

IRDAI Registration. No – 104 

Company Information Number – U74899PB2000PLC045626

About Kantar 

Kantar is the world’s leading marketing data and analytics business and an indispensable brand partner to the world’s top companies. We combine the most meaningful attitudinal and behavioural 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 the marketing strategies that shape their future. To know more, visit www.kantar.com