Women who are single or live alone will need to plan their retirement carefully as they may or may not get the adequate financial support they want from their relatives. Moreover, studies show that women have a higher life expectancy than men. According to a Harvard Health and Population Reference Bureau study, men’s average life expectancy is 72 years, and women’s is 78 years in most countries. This gap suggests women should pay special care when planning their financial security in old age.
Here are some tips for women that can them plan for retirement better.

Learn How To Manage Finances

Handling finances can sometimes seem difficult when delaying consumption is not your thing. It requires a strong will and skills to navigate situations that may initiate the urge to spend. So, make a budget, listing all your financial obligations, long-term loans, monthly household bills, and other personal expenses, etc. and apportion a part of your income for retirement. Be consistent and stick to the plan. It will help you go a long way in ensuring your financial security. Take help from financial advisors to guide you in your investment decisions.

Also Read: Working Women Are More Concerned About Income Stability Than Men Post-Retirement, Says Survey

Ensure A Cash Flow Stream For Retirement

Living longer and comfortably requires a robust retirement fund based on your lifestyle and other factors. So, identify the expenses, factor in your health status, and consider emergency scenarios to help you set up a corpus fund for retirement. An early start to your retirement planning can help you reach the target comfortably without taking any significant risks. This strategy will allow you to maximise your investments’ compounding effect, leading to more gains. As you gain more experience, you can make better investment decisions. On the other hand, delaying planning may make the task difficult and force you to take a bigger risk for a similar outcome.

Plan Your Estate

Estate planning is also vital to ensure your wealth is distributed among your relatives according to your choice. For example, you may have a business, a house, jewellery, and other valuable items you want them to have after you are gone. You could create a will or a trust, name a legal heir such as your sibling or a parent, appoint a power of attorney and a nominee for investments—all part of estate planning. Careful estate planning will ensure a smooth transfer of ownership and remove ambiguities.

Also Read: Embrace the Adventure: Why Solo Travel is Essential for Elderly Women

Customise Your Insurance Plans

Women must factor in special circumstances like maternity and congenital disability, etc., while choosing a health insurance policy. Women could be more at risk for cervical, breast and ovarian cancers, which will require consideration. Having a medical plan customised to your needs is crucial. Health plans for women are now more critical than ever when the healthcare gap between men and women is growing rapidly.