India, Nov. 27 -- In India, the majority of elders are heavily dependent on family support for financial, emotional, and other needs. According to recent reports, more than 70 per cent of those who are aged 60 and above rely completely on their families. More importantly, less than 10 per cent of them have enough retirement corpus, and have not made consistent contributions to pension and superannuation plans. This is worrisome as it implies that the social security net, either state-driven, or imposed by personal choices does not exist.

It is not that people are not aware of building a wealth nest for old age. It is not that individuals do not make efforts. It is not even that they have little post-retirement income, or savings. The tru...