WORK, RETIREMENT AND FINANCIAL INDEPENDENCE: FIRE CONCEPT IN INDIA

Abstract

Development psychology associates each phase of life with specific tasks, expectations and challenges allied to the particular stage of life. Just as every stage of life needs specific preparations to execute the task associated with that stage, the retirement stage also needs the readiness to enjoy that period free from regular work. The retirement period expects a person not to depend on the regular monthly salary to meet routine needs but to be financially independent to enjoy life in freedom. However, many people in India ignore this phase of life as a period of enjoyment and see it as a stage of burden. Many try to go to work in their old age and earn money for survival, or sometimes depend upon their children for their every need. Some even think that this stage is a period of enjoyment at the cost of their children's money. Lack of financial independence of retired people in old age becomes a hindrance to both the elderly as well as the younger generation. Thus, economic dependence on children is seen today as a hindrance to the self (as parents) as well as the well-being of the younger generation (children). Based on the concept of FIRE (Financial Independence and Retire Early), this qualitative study used interview methods to collect data from employees from different parts of India to narrate their own stories as well as their acquaintances to explore work, financial security and retirement and the concept of FIRE in the Indian scenario.