The overall retirement goal for men and women are similar – save enough so that you won’t outlive your money.
However, women face a different set of challenges than men.
LONGER LIFESPAN
First of all, they tend to live longer than men, which means they must make their retirement dollars last longer.
LOWER WAGES
To make things worse, not all industries are created equal when it comes to pay for women.
According to an article by Straits Times, a study by jobs website Glassdoor has found that Singapore women earn about 13 percent less than men. Some of that pay gap may be down to persistent gender bias.
Since women live longer than men, but they earn lesser than men, it is harder to save.
FAMILY PRIORITIES
On top of that, women often interrupt their careers to have children, or care for their elderly parents.
These pursuits may hurt their ability to build up their financial assets because of shorter years in the workforce.
SPOUSE DEPENDENCY
Many married women make the assumption that their spouse will always be around to provide financial support to the household.
However, most women never plan for scenarios where their spouse is not around. When the unfortunate happens, they are often taken by surprise.
RETIREMENT PLANNING FOR WOMEN
Today, more women are taking an active interest in their own retirement, as well as getting involved in their investment portfolios. However, many still face significant challenges.
Women in general are more risk averse than men, but what they should do isn’t gambling, but understanding prudence in investment.
Women investors should be aware that all investments carries risk, but it is necessary if they want to their money to beat or keep up with inflation.
The person who gets to retire is the person who plans for it. If you have not done your retirement planning, it is not too late to start now.
Sit down and discuss your retirement goals over a cup of coffee, with your trusted Financial Planner from FLA Organization today!
