Savings for your retirement is probably one of the most crucial aspects of financial planning, which enables you to have enough money to support your needs during your sunset years without being dependent on others.

With age, many women become more cautious about the kind of food they eat and sometimes restrict their diet to ensure they do not gain weight or acquire lifestyle-related disorders. However, it is important to eat a well-balanced meal to ensure a healthy life. Similarly, one must have a well-balanced portfolio and invest in multiple policies to sail through the post-retirement years.

In today’s competitive world, the percentage of working women has increased over the years, and with that, it becomes important for women to secure their future with proper investment plans.

By investing at the beginning of the career, learning money management, focusing on health and developing financial expertise, women can safeguard their lives after retirement.

When you are planning your diet for a healthy future, do understand that you need to plan your finances as well to ensure you can lead a balanced and financially independent future.

Supriya Kaboo, a former general manager (HR) at Ericsson India, said she is getting retired soon and has already secured her finances for the rest of her life.

“I invested in life and medical insurance policies in my early employment days and, by the time, I will retire, I will be having enough money to manage my day-to-day expenses as well as set aside money for any emergencies.”
Interestingly, it has been proven that women have higher life expectancy over men. This means that when women are planning for retirement, they have to take into consideration a longer period of time. In addition, it is common to see women give up their careers or take up lesser-paying jobs to take care of in-laws, children or simply to maintain work life balance, etc. This is especially prevalent among Indian women as compared to their Western counterparts. As a result, it is important for women to save more in a short period to fulfil their needs.

Thus, women need to concentrate on better retirement planning for secured life in old age, irrespective of whether they are married or single.

Raj Purswani, a former equity analyst at Morgan Stanley, said many investment schemes available in the market are offering great retirement benefits for women.

“There are a lot of investment schemes that women should consider in managing their post-retirement expenses. One should be financially independent, and women should start saving and investing in funds that enable them to have retirement benefits,” Raj added.

The other important thing which you need to keep in mind is to have attractive gains once your policy matures.
Santosh Pandita, a retired gazetted officer in the education department of Jammu & Kashmir, says she used to invest in life insurance policies very wisely during her working days and after her retirement; she has received stellar financial gains once the policies matured.

“With the help of the money which I earned from various life insurance policies, my retirement days are being managed very well,” says Santosh.

Here are some points for retirement planning consideration:

Secure health insurance: We are living in difficult times that continue to pose risks to your health. So, women should ensure to buy the right investment policy that covers all kinds of ailments and their needs. HDFC Life provides a variety of Health Insurance Plans & Mediclaim Policies that offer financial security to meet health related contingencies. Due to changing lifestyles, health issues have not just escalated, they have increasingly become more complex in nature. It becomes imperative to have a health insurance plan in place. Thus, financial planning is incomplete if you have not accounted for health.

Plan for family members: Working women should invest in different policies to ensure that by the time they retire, enough cash is on their platter which can take care of the expenses such as child marriage, children’s higher studies, buying property, etc. For that, insurance schemes by HDFC Life Click 2 Wealth offer attractive benefits and secure your child’s future with the Premium Waiver option. The insurance plan has 101% of the premium allocated to your fund for the first 5 years.

Start investing early: It is important to plan your investment at the beginning of your career as it will help you accumulate more capital once your retirement age inches closer. Working women should plan their retirement plans at an early stage. In this regard, HDFC Life Click 2 Wealth offers attractive options such as a plan for your retirement with the Golden Years Benefit option. Also, it offers investment flexibility with 10 funds with unlimited free switches allowed.

Invest smart: Women need to invest smartly whether they are working, full-time or part-time, or just a homemaker. Even if the investment amount is low, one should ensure to put money at the right time. So, it is pertinent for women to have clarity about their financial goals and invest wisely. For instance, HDFC Life Click 2 Wealth offers a wide range of investment options that helps in life coverage, medical emergencies, tax benefits, etc.