Retirement mutual funds offer a diversified and flexible investment option for long-term wealth creation, distinct from traditional choices like PPF and NPS. While conservative investors may prefer FDs or PPF, those with higher risk appetites can allocate more to equity through retirement mutual funds. These funds provide various options, including conservative, moderate, and aggressive plans, and generally offer more flexibility in withdrawals compared to PPF or NPS, which have stricter lock-in periods and withdrawal rules.