The Single Woman’s Guide to Retirement Planning
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The Single Woman’s Guide to Retirement Planning

  • Highlights

  • Building your retirement corpus early

  • Working for long, to accumulate more wealth

  • Seeking support with professional help

  • Considering long-term care insurance


Research has shown that women have a longer life expectancy than men, which is why they need to plan for a longer period. Single women often struggle to plan their retirement and savings, which leaves them struggling during retirement.

This situation can be avoided with prior planning. Here are a few tips for single women to ensure financial security, even during retirement.

Start Building Your Corpus Early

The best time to have started building your retirement corpus was yesterday, and the next best time is today. The earlier you start, the more the power of compounding can help you add to your nest egg. Saving at least around 10-15% of your salary for retirement would be idea. If you cannot afford that much right now, you can start with a smaller amount and gradually increase it, as your salary increases.

You can also consider investing your funds in safe investment avenues such as fixed deposits, which help you grow your wealth. Here’s a look at why fixed deposits are one of the best investment options for women.

Additional Read: Best Saving Plans in India that Give High Returns

Build A Safety Net

Apart from your retirement corpus, you need to build a safety net for yourself, in case of an emergency or job loss. This amount should be at least 6 months’ worth of your salary. Additionally, availing disability insurance to protect your income would also be a good idea.

Plan on Working Longer

Working a few extra years will help add to your corpus, or at the very least, keep it untouched for longer. Moreover, since a woman’s lifespan is longer now, a few years extra of working can offset that. It is always a good idea to overestimate your needs and save more than what you think you’ll need. Working longer will help you do that as well.

Get Professional Help and Seek Support

If you are not so confident on your own ability to plan your finances, you can always get professional help. Doing so will boost your confidence, and provide you with a detailed financial plan to follow. Additionally, you can approach another friend in a similar situation. You both can plan your finances together, and support each other throughout the process.

Additional Read: Best Saving Schemes in India

Reason to invest in FD

Consider Long-Term Care Insurance

Considering long-term care insurance is a good idea, particularly for single women. There is a very real possibility that you will need this in your old age, especially since you may not have anybody else to take care of you. Though premiums for long-term care insurance aren’t cheap, the earlier you purchase it, the more affordable it will be.

So, you can use these tips to create a sound financial plan for yourself. You can then head for your retirement without stress, and enjoy a happily-ever-after all by yourself.

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