It is said that women carry half the sky, but at home, women carry much more than half the weight. Even in families with two working adults, the bulk of housekeeping and childcare responsibilities falls on the woman.
As daughters, wives and mothers, they are used to taking the backseat in most aspects of their lives and may even do so willingly. But when it comes to retirement planning, that should never be the case. The best thing they can do for themselves and their children is to start planning for retirement early.
A LONGER LIFESPAN MEANS MORE YEARS TO SAVE UP FOR
Over the past few decades, the average lifespans of developed nations have increased significantly, with a common trend of women outliving men. The average Singaporean lifespan was 84.8 years as of 2019, with the figure for men standing at 81.5 and that for women at 86.1. If one were to retire at 63, that leaves her with more than 20 years to save up for amidst a climate of inflation.
RETIREMENT HAS TAKEN ON A NEW MEANING
What do women envision for their retirement life? One of peaceful contemplation or active globetrotting? A combination of the two, or somewhere in the middle? Generational shifts in attitude and advances in healthcare have meant that retirement is no longer a time of old age, but one of long life.
Many women today dream of starting their own businesses, traveling the world and spoiling their grandchildren after retirement, not taking a backseat and waiting for life to pass them by. Needless to say, retirement planning is crucial to these plans. This mindset can even be said to be an “anti-retirement” movement, where retired women are more active than ever before, just not necessarily in the workforce.
ONE CAN NEVER START TOO EARLY
Retirement planning not only benefits a woman, but at the same time unburden her spouse as well as safeguarding her children’s best interests when it comes to building families and careers of their own with the assurance that her needs are well taken care of.
As women, the tendency of putting other’s needs before them comes naturally, especially when it comes to our loved ones. However as with retirement planning, women should put both herself and those you love first on the same pedestal without room for compromise.
Should you know of any women out there who are striving hard in life but lack financial literacy or the means to participate in retirement planning, do encourage them to consult a financial consultant, who can better advise them the most suitable financial plans cater to their needs.
This article is for informational purposes only and should not be relied upon as financial advice.
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