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Women need to plan for Retirement

Plan for Retirement Online
 
 
 
Higher life expectancy, lower pay and fewer work years necessitate thorough planning.
 
Women have raced ahead of men in various fields but, when it comes to retirement planning, they tend to lag behind. Despite saving a higher proportion of their salary, compared to men, women generally do not take retirement planning seriously. Below are some of the reasons why they should: According to the United Nations Department of Economic and Social Affairs, in India, the life expectancy of women is 69 years and, of men, it's 66 years. Due to this, a woman will need an additional `55 lakh to manage her living expenses (see table).Besides, usually, women work fewer years compared to men to take care of children and family.Further, a recent study by Korn Ferry Hay Group shows that women in India earn 18.8% less than men. Not to mention, a higher life expectancy can also mean higher medical expenses as the likelihood of health ailments such as diabetes, high blood pressure, joint pain etc. increases with age. Given the decks are stacked against women, it becomes all the more important they take retirement planning seriously.
 

What to do?

Women should invest a substantial part of their income regularly, right from the early years of employment in order to build a sizeable retirement corpus. A young woman should allocate a major part of her portfolio to equity mutual funds in the early stage of her career. This will help her build a good retirement corpus. It is also advisable that they restructure their portfolio in later years, depending on their risk appetite. Financial knowledge is key. Women should increase their financial know-how. This will help them make the right investment decisions and generate better returns on investments.

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The role of the women in society is gradually changing. They are breadwinners in many families. As a head and responsible members of the family, they should make retirement planning top priority. As high lighted, the retirement needs of women differ from men. In order to meet them, it is important that a woman starts investing in financial instruments besides fixed income securities. They should also work for a longer period to accumulate greater wealth as the benefit of compounding is at its best during the later years of one's accumulated corpus.

 
 
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