A financially strong woman not only manages her livelihood, she also caters to the financial needs of her family. In order to ensure healthy finances post-retirement, good retirement planning is a must.
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8 Ways for a Woman to Ensure a Worry-Free Retirement
Discussed below are ways to help save better for your sunset years:
- Know What You Need: Women have a higher lifespan than men. To figure out your needs post-retirement, keep all the important factors in mind like inflation, average life-expectancy, lifestyle expenses, retirement age and so on. It is crucial to have a rough idea on the amount of money you need to enjoy a financially stable retirement. This makes it easier for you to choose the right retirement plan and attain financial goals.
- Save Whenever You Get a Chance: Many women have the habit of spending their entire salary on luxuries. We do recognise the importance of indulging oneself, but spending extravagantly on unnecessary items can lead to a poor bank balance. Instead of spending the entire income on luxury and entertainment, try to save something for an emergency. You can create yearly targets and try to stick to them. Always save before spending. This ensures you have the money when you really need it.
- Look for a Good Retirement Plan: The market is flooded with various investments for retirement. These schemes can be easily availed and allow your deposits grow with time, offering a healthy corpus at retirement. Do your research and choose a retirement scheme based on your financial goals. Choose an investment which offers the EEE tax benefit. The amount invested enjoys a tax deduction, while the amount accumulated and withdrawn at retirement is tax-free. A good retirement plan helps remain stress-free and you save a good corpus at retirement.
- Make Investments: Investment is generally considered a male domain. Most working women prefer their husband or father to manage finances. However, men usually prioritize family needs and make investments accordingly. It is always advisable that a woman be financially educated and not take the backseat when it comes to finances. Chalk financial objectives and look for plans which suit investment objectives. This helps secure finances in an emergency. If your spouse is investing in risky assets like equity, you can create a balance by investing in fixed income which is safe and offers decent returns.
- Do Not Use Your Retirement Savings: Make sure not to use retirement savings on other expenses. To avoid breaking retirement savings, make sure there’s a contingency fund in place. Refrain from checking money saved for retirement too often, as this might urge you to spend retirement money.
- Automate Your Payments: If you have the habit of spending money extravagantly, then it’s difficult to attain retirement goals. Retirement planning is a long-term financial objective that can be attained by investing in a responsible way. Automate your salary account to enable timely and full payment towards your retirement plan.
- Consult a Financial Advisor: Consulting a financial advisor helps get a good perspective on investment options and you enjoy personalized guidance on what to choose and how much to save for those golden years.
- Don’t Forget Your Health: In the pursuit of balancing work and family life, woman often neglect their own health and soon face health problems. Make sure to avail a health insurance plan early in life, to avoid seeing finances drained in a medical emergency. Go for an annual health check-up to avoid bumping into a sudden/critical health problem. Good health helps enjoy a happy retirement.
See Also: Retirement Planning In India
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