On this International Women's Day, let us first delve into why women's retirement planning must differ from men's. We will then examine strategies that can help you achieve this vital financial milestone.
Key challenges
Women have a longer life span than men. Data indicates the average life expectancy at birth for both genders is 72 years in India. It is 73.6 years for women and 70.5 years for men. Thus, women, on average, can expect to live for three years longer. "For working women from well-to-do backgrounds, the life expectancy is likely to be even higher," says Renu Maheshwari, Sebi-registered investment advisor, co-founder and principal advisor, Finscholarz Wealth Managers. Thus, women need to save more to cater to a longer lifespan.
Women, however, tend to experience disruptions in their careers. In their late 20s or early 30s, they might need to take a break or two to have children and raise them. This hampers their career prospects, earnings, and saving potential.
Even when they return to work, they find it difficult to devote time beyond the regular office hours due to their familial responsibilities. This hurts their prospects in competitive environments.
Inherited wealth is the most significant source of wealth creation globally. "When someone inherits assets from parents in their mid-20s or 30s, it elevates them to a higher financial status. But in many parts of the country, women face unequal inheritance rights," says Maheshwari.
This story is from the March 08, 2024 edition of Business Standard.
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This story is from the March 08, 2024 edition of Business Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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