Women are always taught to plan for everything- family, meals, festivals, functions at home, or stretching every single rupee to make savings count. Yet, when it comes to her retirement, manyhave not given it a thought assuming it will be taken care of by their father, spouse or, eventually by their sons. But what about their dreams and future? Retirement isn’t just about financial security- it’s about having the freedom to live life on your terms. And that starts with planning today, emphasizes Ms. Nehal Mota, co-founder & CEO, Finnovate.
Why Retirement Planning Is Every Woman’s Responsibility
As per Ms. Mota, many women assume retirement planning is not their responsibility. But what they don’t realize is that financial security isn’t just about being able to meet daily expenses;it’s also about fulfilling personal goals like tomorrow you may want to learn a new skill, take a solo trip, or start your own business. These goals require you to be financially independent, and not waiting for someone else to plan your future.
Only 2 out of 100 women actively invest for their retirement. This means most women are not financially prepared for their later years. Women might take more breaks in their careers, which include maternity breaks, child care breaks, early retirement than planned, etc. You have to be financially prepared to take care of your needs in the time when you are not working. Expenses can go up unexpectedly. You need to start actively investingfrom today.
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Retirement Planning Is Not Just Counting The Money
Being ready for retirement is not just accumulating your retirement corpus or even exceeding it. You also need to make sure what kind of lifestyle you want post-retirement. How will you spend your time?
Many women face empty nest syndrome: kids move out, work-life ends, and suddenly, all of this leads to identity loss. After spending years caring for their families and managing their careers, they struggle to find a new sense of purpose.
Retirement should include a purpose. Ask yourself- what will make you feel satisfied after retirement? It could be anything like- starting a business, pursuing a hobby, creating content, publishing a book/blog, traveling, etc.
And if your dream requires significant money, it’s essential to start saving for it early. Financial planning isn’t just about securing your future. It's about creating a future where you can live on your terms.
5 Ways To Approach Investing
A disciplined approach towards investing will make all the difference. Here are five ways to go about it:
- Have an emergency fund even before you start investing anywhere else. Set aside 6-8 months of your monthly expenses.
- Secure yourself with adequate health and term insurance. You don't want to pay from your retirement kitty later for any unexpected situation.
- Mutual Fund SIPs will steadily help you in your long-term wealth-creation journey. It will also give you liquidity when you need it.
- Also explore investment options like PPF, EPF, and NPS to build your retirement corpus.
- Make sure you have a well-diverted portfolio with a good mix of asset classes like equity, debt, gold, etc. for stability.
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