Tuesday 24 December 2013
Retirement Planning Tips for Women
In every one’s life, there comes a
stage, every person has to retire. In most cases, it is the biological and
physical need that makes us think of retiring. When compared to men, women are
at a greater risk when it comes to accomplishing a retirement especially in
India.
For women, it is necessary to educate
themselves about the options there are and learn what they can do to take
responsibility of their financial future. If you methodically plan for it, as a
woman you can achieve it. Following points will help women to take a step ahead
of their retirement planning and achieve a secured future.
Understand
your financial position:
Take into account as to whether you are
working woman or no. Now you should be ready to find out the right option for
you. Also check about the various social benefits they come with. These days,
almost every insurance company or bank come with their own range of retirement
plans. Interacting with their executives can help your find out the details.
Nowadays, all the info you require is also present over their websites.
Estimate
how much you will need after retirement:
This estimation has to be adequate and
accurate. You should not be having funds enough to only survive. In fact, you
should see whether they are enough to live life comfortably or no. As your age
advances, expenditure on food, clothing and other personal requirements might
go down. But in turn, the medical expenses might go up. Therefore plan
accordingly. Calculate your expenditure budget for the retirement period. You
now need to look at saving options like deposits, investments, pension plans
etc.
Opt
for retirement benefits available:
If you are a working woman, you can take
complete advantage of various benefit based retirement plans
at your workplace itself. This is possible if your employer is offering
contributions. So the sooner you start, the better would be the wealth
accumulated.
Educate
yourself:
If you look around, there is a variety
of retirement and insurance plans. You need to carefully study each and find
the one that suits your payment options. There are also traditional plans,
ULIPs etc. You need to know when you choose one. However, the main point stays.
The sooner you start the better it is for you.
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