New Delhi, April 8 -- At 40, after receiving a Rs.75 lakh windfall and with an existing portfolio already tilted towards equity mutual funds (around 60%), would allocating to real estate make sense for long-term diversification over a 12-15 year horizon, particularly with retirement in mind?

Further, how should one strike the right balance between risk and returns while planning for key goals like retirement and children's education over the next 6-8 years? Should there be a greater allocation to safer avenues like debt funds or liquid assets, and what tax-efficient options and portfolio rebalancing strategy would you suggest?

It is good to know that you are moving in the right direction and already have a disciplined approach towards i...