In today’s world not only men buy also women need to plan for their retirement. In fact, both housewives and working women play a critical role in their families as they control the household budget and are also the ones who inculcate the habit of saving and spending in their family members.
The importance of Retirement Planning for Women: Various studies have shown that women usually live much longer than men. So, in order to have a safe and secure retirement, it is essential to plan for it well in advance.
It is a crucial thing which you must keep in mind while planning for your retirement if you want to maintain your current lifestyle in the future also. Gone are the days when women used to be dependent on their husbands and had no individual choice of living. Now almost every woman wants to have financial independence. She wants to live with her own standards and maintain her own lifestyle. However, with an ever-increasing inflation, it is necessary to plan for your future expenses from today itself.
If you want a comfortable and peaceful life when you grow older, then what is stopping you from planning for your retirement? Give a thought to it and gear up to live a financially independent life. If you think that your husband’s pension will be enough for you in old age, then you may be wrong because you will be getting the pension only until the time your husband survives, but what if something happens to him? So, start thinking about yourself from today itself.
You may also watch:
Learn about your finances:
Be simple. Try to understand the basics of finance. If you have surplus money, invest it for wealth creation. If your salary is falling under a certain tax bracket, then invest in tax-saving options. This way you will not only save taxes but can also create wealth for your future financial goals. Housewives should plan their overall monthly budget and from that budget, they should try to save some money. However, instead of keeping the money only in bank accounts, they should invest the money in products like mutual funds, fixed income, insurance, etc. Your investment towards a long-term goal requires a dedicated saving. So in order to save, you need to make a budget for your monthly expenses.
Minimizes the risk factors by having complete protection:
Every woman in consultation with her husband should ensure that she has taken an adequate life cover to safeguard her family from any future uncertainty. Term plans are suitable for providing an adequate life cover. Moreover, it is not that children are dependent only on their father, but it is the mother too who should independently think of her childcare’s needs & moreover provide them a sufficient cover so that her children do not suffer from any financial loss if something happens to her.
The requirement of medical exigency:
Emergency expenses can occur anytime. One should always be prepared because unfortunate events do not knock one’s door when they arrive. Various medical research reports say that women have more health issues compared to men. Also, there are necessary expenses too. In an old age, medi claims do not suffice too. So why to get dependent on someone to look after your fitness?
You may also watch:
The approach towards retirement planning:
Keeping the above-mentioned things in mind, financially-savvy housewives and working women should invest in systematic investment plans (SIPs) with a long-term horizon, which can create wealth apart from saving taxes. Whatever savings are being made by housewives or working women out of the budget should be done on a regular basis. Also, despite keeping money for buying physical gold, keep on investing in other financial products too. Diversifying your investments in mutual funds, life insurance, fixed income, etc, will generate a bigger corpus for your retirement than investing only in physical gold, which is risky. So, it is important for every woman to know the fundamentals of financial planning.