Retirement planning is not the topmost priority for urban India but they worry that savings will not be enough to cover for old age life, with only one in three actively working to meet retirement goals, according to a study.

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Max Life Insurance in partnership with marketing data firm Kantar conducted a survey to assess the urban salaried class' readiness for content and financially independent retired life.

About 90 per cent of people above the age of 50 years in the survey regretted not starting early enough in life to save for retired life.

In its second edition, the survey finds the India Retirement Index Study (IRIS) remaining at 44, pointing there is a lag in preparedness over the last one year among the urban salaried class for retired life planning.

Conducted through a self-administered digital manner, the survey involved 3,220 male as well as female respondents across 28 cities, of which 6 were metro cities and 12 tier I and 12 tier II cities.

Life expectancy is consistently rising over the years.

"The objective here is to create a barometer or mirror through which we can keep observing how we are making progress. I think there are several questions when you start to consider about retirement. There are few realities that everybody talks about that India is a very young country but India is also ageing," Prashant Tripathy, Managing Director and CEO, Max Life Insurance said here while briefing reporters.

Over the next 8-9 years, the number of people whose age will be 60 will grow by 41 per cent.

"The second reality is, as humanity evolves and prospers, you will find that life expectancy will continue to grow. Right now the life expectancy is close to 70 years but it is expected that in a few years it will touch about 80 years. So, people will live longer," Tripathy said.

Health and financial preparedness index stood at 41 and 49, respectively. Emotional preparedness witnessed a fall from 62 to 59, indicating increasing dependency on family, friends, and social support during retirement.

Tripathy said Indians must start early to plan for their retirement so that they have enough to live a healthy and financially independent life.

"We urge India to realize the importance of timely retirement planning and encourage them to work towards securing their future," the official added.

Soumya Mohanty, Managing Director and CCO, Insights Division, South Asia, Kantar said the survey gives a compelling perspective on how urban Indians view and plan for retirement.