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.
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 OBC Life Insurance; they offer adequate retirement plans that take care of your needs post retirement.