With rising life expectancy in India, post-retirement life span is now longer than what it was earlier. According to the latest World Bank data, life expectancy in India has risen from 53-54 years in 1980 to 67-70 years in 2015. Living longer has a direct impact on your financial preparedness for retirement. While many will have an accumulated pension to fall back on, the truth is an annual price rise or inflation of 5-6% combined with the prospect of potentially living for another 20-25 years post retirement can become an expensive outcome.
I have Rs 12 lakh in surplus. Should I prepay my home loan or invest for monthly income of Rs 25-30k?
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