Retirement Planning Tips for Working Women

2024-12-19

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As more and more women are breaking the ‘glass ceiling’ to reach important positions in the professional world, retirement planning for a working woman has become as important as a working man. Every women desires a safe and secure future after retirement, but how many are actually working towards it? Women today, whether married or single are not ready enough for their golden days, which is completely wrong. If you are a woman, then retirement planning should be among your top-most priorities so that you live a secure life in old age.

Yes, you heard that right. When it comes to building a corpus for your golden days, both men and women need to plan in advance. There are chances that you remain single or you get divorced or you get widowed with kids. Thus, in such case, you need to be diligent about your financial needs, including your retirement days. Here’s why retirement planning is significant for women of all ages –

Life expectancy is higher – As compared to men, women have higher life expectancy. Therefore, if a woman is fully dependent on her husband and is not financially sound, then she may have to suffer financially if her husband dies. So, whether you are single or married, the number of years after retirement are very crucial. Thus, you must ensure that you have sufficient funds that can carry you through your golden days.
Less number of women are working – It has been seen that women leave their jobs or opt for lesser-paying jobs in order to take care of their children and families. As compared to other countries, women doing this in India is higher. By properly planning for your post-retirement life, you could ensure some degree of financial stability during your retirement days. If due to some reason, you are quitting your job early, then make sure the money you have accumulated is used by you wisely. You can invest that money in buying a retirement plan. There are a wide range of retirement plans available in the market for you to choose from. All you need to do is to pick the one that best suits your requirement. Moreover, you must invest your provident fund amount wisely. One should preferably, invest it in long-term financial instruments or save them for a rainy day.

Key Takeaways

The earlier you start, the bigger your retirement corpus will be.
Retirement and healthcare insurance are important to ensure financial safety.
Women tend to live longer as compared to men, so a larger retirement fund is required to fulfill their future needs.
It is extremely crucial to allow your savings to build up over the long term.

How women can plan for their retirement?

Here’re a few tips that will help women plan for their retirement, take a look –

Invest in a better way – Whether you are a part-time worker or a full-time worker, it is important to plan for your retirement days in advance. Thus, ensure that you save enough money and make your investment choices wisely so that you don’t have to suffer after retirement.
Start planning early – If you are a working woman, then start planning for your retirement days as early as possible. Moreover, your wish to maintain a balance between work and life should not affect your desire to save for your retirement days.
Buy an adequate insurance – For those who do not want to run short of money in their retirement days, invest in a retirement plan as it provides you with steady income even after retirement. Retirement planning has become very important as it offers financial security so that when your professional income starts to subside, you do not have to compromise on your living standards. In addition to this, adequate retirement planning also helps you meet your goals without any worry.

On the whole, one must spend early in order to lead a financially happy life later. Besides, for those who are planning to buy a retirement plan online, choose to go with Canara HSBC Life Insurance; they offer adequate retirement plans that take care of your needs post retirement.

Smart Investment Strategies for Women’s Retirement

A well-planned investment plan is the secret to a financially stable retirement. Women tend to have different financial hurdles, like career breaks due to family obligations, making it even more important to plan wisely. Saving is not sufficient—investing in the correct financial products can make your wealth expand and take care of you in your retirement years. Some intelligent investment plans are listed below:

Diversify Your Investments

Instead of investing in a single financial product, take a combination of mutual funds, fixed deposits, and pension schemes.

Use Provident Funds Smartly

Rather than spending your provident fund on temporary needs, use it for long-term financial gain.

Begin securing your future

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Check Retirement Plans for Women

Most insurance companies have retirement plans for women that offer economic security after retirement. Make sure to check those plans before purchasing one.

Think about Health Insurance

Medical emergencies can empty your savings account. A solid health insurance policy will allow you to cover unexpected medical expenses.

Did You Know?

Women, on average, live about five years longer than men, making it even more critical for them to plan for a financially secure retirement.

Source: J.P.Morgan

Common Retirement Planning Mistakes Women Should Avoid

Even with the best intentions, many women make mistakes that can jeopardize their financial independence in retirement. Factors like financial ignorance, reliance on others for financial support, and procrastination in making investment decisions can result in a modest retirement fund. To ensure a worry-free and financially secure retirement, here are some common pitfalls women should avoid:

Postponing Retirement Planning

Most women delay saving, which means a lesser retirement corpus. Start early to get the surplus amount when you retire.

Dependence on Spouse's Income

Even if your spouse has a good income, having your own retirement corpus guarantees financial independence.

Retirement - Top Selling Plans

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Fixed Returns, Zero Risks & Worries

iSelect Guaranteed Future Plus

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Life cover + Guaranteed benefits
Accidental death benefit
Premium protection cover

Retire Grand with Flexi Benefits

Smart Guaranteed Pension

Guaranteed Lifelong Income
Limited premium payment term
Multiple annuity options
Option to defer the annuity payments

Save, Dream, Plan. Live Peacefully

iSelect Guaranteed Future

4 Plan options
Option to choose premium payment term
Get Tax benefits
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Not Investing in Correct Plans

Saving is not sufficient; investing in the correct women's retirement planning schemes is important.

Withdrawing Savings Prematurely

Avoid dipping into your retirement savings for non-essential expenses. Let your funds grow for the future.

Conclusion

Planning for retirement is more than a matter of finance; it is a step toward long-term independence and security. Women are attaining a higher professional standing today, but many of them tend to ignore the need to plan their lives after retirement. Whether married, single, or balancing family obligations, a well-made financial plan guarantees that you will be able to enjoy your lifestyle worry-free.

By planning ahead, investing wisely, and selecting the best retirement plans for women, you can establish a solid financial safety net in your later years. Being financially independent means being able to make choices based on your goals, whether it means travelling, hobbies, or simply living without worry and enjoying financial comfort.

Canara HSBC Life Insurance provides you customised solutions to ensure a safe and financially sound future. Plan today for a worry-free and financially secure tomorrow!

Glossary

Retirement Planning: Preparing today for your own future life so that you go on fulfilling all of your goals and dreams on your own.
Retirement Corpus: Total amount of savings and investments accumulated to support an individual financially after they stop working.
Provident Fund: A savings scheme funded by employers and employees to support long-term retirement financial needs.
Pension Plan: A long-term investment plan designed to provide individuals with a steady income after retirement.

Disclaimer - This article is issued in the general public interest and meant for general information purposes only. The views expressed in this blog are solely those of the writer and do not necessarily reflect the official policy or position of Canara HSBC Life Insurance Company Limited or any affiliated entity. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the blog or the information, products, services, or related graphics contained in the blog for any purpose. Any reliance you place on such information is therefore strictly at your own risk. You should consult with a qualified professional regarding your specific circumstances before taking any action based on the content provided herein.