Top Ways in Which Women Can Boost Their Retirement Savings
Women have greater challenges and higher responsibilities in life. They need to plan their finances to ensure a happy and peaceful retirement life. And, it is not difficult to achieve the same when they spend time on financial planning based on their money goals. Financial planning with investments in savings policies can ensure a huge benefit when the decisions are taken wisely. It is important to be aware of such options to utilise them for retirement savings. Here are a few ways to help them.
Tips for Women to Boost their Retirement Savings
Here are the tips for women to boost their retirement savings:
- Plan for retirement – Retirement plans for women should start early in life. They will have increased family and financial commitments throughout life. Therefore, considering the current lifestyle, income sources, and short-term and long-term financial goals, they need to work out a budget and a financial plan. The budget should focus on how they can allocate the income towards varied expenses.
And the financial plan should focus on the future money goals and the strategy to achieve the same. While drafting the budget and the financial plan, it is important to regularly allocate a fund to save for future investments and returns.
- Research and compare savings and retirement plans – Financial institutions provide varied product solutions to help women save funds for their future. For example, insurance providers offer savings insurance plans to ensure dual benefits, life cover and guaranteed returns. It is a comprehensive life insurance plan that provides a life cover to secure their dependent family in case of their unexpected demise and a guaranteed return at maturity.
The insurer will decide the guaranteed return during policy inception. So, women can determine their financial requirements based on their budget and long-term financial plan.
- Customise the savings-investment plan – While insurers offer the savings policy with life insurance benefits, they also allow policyholders to customise the product based on their financial needs. For example, the Tata AIA life insurance allows them to receive the payout as a regular income or as a regular income with the critical illness benefit.
So, a single woman with a dependent family having a medical history of getting affected due to a critical illness can purchase the second option to ascertain regular financial support to pay for the hospitalisation and other medical expenses in case of a critical illness apart from the life cover benefit.
- Start saving early – While a savings plan can ensure huge financial returns, women must make way for accumulating it in the long term by starting saving early. At a younger age, women may not have huge financial commitments. Therefore, they can save more funds and choose a longer policy tenure for their retirement savings plan.
- Make use of the discounts – Women are provided with various discounts to encourage them to invest and benefit in the long term. For example, retirement plans for women are available at a lesser premium rate.
- Purchase savings policy online – Increasing responsibilities at home can keep a woman always engaged. Insurers provide the option to purchase savings policy for retirement online to make it comfortable and cost-efficient. Therefore, they can purchase, maintain their account and make a claim at any time online.
Women are always the driving force in every family. Therefore, they need to plan their finances to have an independent and peaceful retirement life. Different savings plans in India help them plan and secure their future wisely. And, if they want to combine the benefit of a life cover and a guaranteed savings benefit considering their family and future money goals, they can invest in the savings insurance plan!
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