Today, both men and women need to plan for retirement. With rising inflation, goods and services have become really costly. If you struggle with bills today, how will you pay the bills after retirement, when you don't have a job? So why do women need retirement planning? Women in India have a higher life expectancy than men. Married women are also generally 3-4 years younger than spouse.
There are chances, women can outlive their husbands by a decade. While men plan for their retirement, chances are they might have forgotten to keep sufficient money aside, if their spouse outlives them.
So women, this International Women's Day, there is something important to do.
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1. Inflation is rising making everything costly
If you want to enjoy the lifestyle you currently lead, even after retirement, you must do retirement planning. Inflation has made everything so costly.
Gone are the days when you (a woman), could depend on your husband to keep money aside for your needs. If you are working, you must do this job yourself.
Women today, enjoy financial independence and live life on their own terms. But, with things getting expensive, women have to plan for life after their husband retires, today.
Women need to understand finance, so that they can manage their money in a better way. If you have surplus money, you must invest to create wealth. The key to good investment planning is efficient tax planning. Saving taxes means, you not only play less to the taxman, you also create wealth if you invest, smartly.
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Many housewives along with buying physical gold, keep saving money for emergencies. Most of this money is kept in Savings Bank Accounts.
But, savings bank accounts offer just 4% interest a year. If you are willing to take risk in investments, for a higher return, try investing in mutual funds. Invest in mutual funds via SIPs. Systematic Investment Plans popularly called SIPs, allow you to invest small sums of money regularly, say once each day, month or fortnight in a mutual fund. You will have a decent amount of money, even after your husband retires.
Let's end with a few tips. Make sure your husband has availed a term life insurance plan. On an untimely demise of the policyholder, there is sufficient money to enjoy a decent standard of living. Make sure your husband has availed a family floater health insurance plan which covers you, spouse and kids for hospitalization expenses. Be Wise, Get Rich.
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