Mumbai, April 16 -- Did you know that you may live beyond the age of 90 years? With higher life expectancy, the way we looked at retirement at 60 years will also need to change. The life expectancy at birth in 1969 was 47 years, which went up to 60 years in 1994 and 69 years in 2019 in India, according to a recent UN report. According to Paul Smith, president and chief executive officer, CFA Institute, in the West, children born today will have a life expectancy of 110 years. Longer lives mean you also need to have the financial capability to survive during old age. HTMoney spoke to Smith during his India visit to understand how prepared you are for your retirement. Edited excerpts: In India, most of the population depends on their own savings for retirement. What can the government do to help to encourage retirement and pension plans? We need to change the conversation from pension plan to tax advantage savings. The concept of retirement is becoming increasingly strange where people are living longer. When we think about retirement schemes, we assume that people will stop working when they turn 65 and will have savings that will last 10-15 years. That is increasingly unlikely to be the formulae in the future. People should have tax advantage savings scheme that enable them to build financial cushion for their life. The cushion should be flexible. And health insurance should be built into it, which is a much more important requirement as life expectancy extends from 70 to 90 years plus....