The fact that the retirement age is rapidly lowering owing to technological advancement and that life expectancy is increasing due to medical advancement is something that Gen Y or Z and even millennials don't think about enough.

In 25 years, the retirement crisis will likely be the largest issue for most nations, assuming that climate change doesn't end all of life as we know it. A retirement fund was built by earlier generations by real estate, FD, and bond markets. Future events are unlikely.

So,

Commence early savings. Switch between FDs, G-Secs, and SIPs of index funds and ETFs.

Purchase a complete health insurance plan for you and your entire family. Most Indians can become financially ruinous after just one health bill. Because jobs don't endure forever, one policy is in addition to what is offered at work. Don't rely on company-funded mediclaims blindly.

Purchase a sufficient term insurance policy. In the worst-case scenario, this money in a bank FD should be sufficient to meet their needs. But for most people, the biggest fix is to cease taking out loans.