Retirement Finance Management of faculty in Government Colleges of India: Emerging Challenges
DOI:
https://doi.org/10.29070/4j9gym87Keywords:
retirement finance management, government college faculty, retirement planning, pension reforms, financial security, higher education, IndiaAbstract
Retirement is no longer perceived as the end of an individual's working life but the start of a new financial reality which demands prudent planning, sound management of resources and ongoing financial decision-making. In India, retirement is described as the later part of one’s life spent living off savings or government pension. The landscape of retirement, however, has shifted due to changes in pension policy, longer life spans, increased spending on healthcare, inflation, and the complexity of financial products. The present study analyses the current situation of money management in the context of retirement among government college teachers in India. A descriptive review of published literature, government publications, policy documents and institutional publications summarizes the information available on retirement income sources, pension reform, investment decisions, financing of healthcare, taxation, financial literacy and new financial risks affecting financial security in retirement. It also examines how the financial landscape in which retired faculty deal with their post retirement resources has changed in recent years because of economic and policy shifts.
The review suggests that management of finances post retirement is not just about pension adequacy, but a comprehensive process that involves balancing income security, wealth preservation, healthcare planning, risk management, and making informed financial decisions. This research emphasizes the importance of improved financial awareness programs, periodic financial policy revision and financial planning support at the institution level for retirement planning of government college teachers'. The study helps to synthesise the scattered evidence and bring it together and present it in a contemporary perspective on how financial management after retirement is handled in the higher education sector of India, providing valuable insights for researchers, policymakers, educational institutions and financial planners.
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