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Elderlies are a treasure of knowledge and experience for the youngsters as well as the economy at large. As life expectancy improves, the geriatric population in India is expected to witness a boom. According to statistics, by 2050, the elderly population will account for around a quarter of the total population. Savings play a crucial role in such situations.
Dealing with medical expenses becomes difficult as income might dwindle during retirement. As your age advances, susceptibility to various ailments increases, which in turn increases the need for a steady flow of income to cover the expenses for treatment as well as prevention. The government of India has launched various schemes in favour of senior citizens to protect their rights and maintain good health.
Some of the top government schemes for senior citizens in India are listed below –