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How should women plan for their retirement?

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How should women plan for their retirement

How should women plan for their retirement?

There was a time when women depended on their husbands to plan their retirement funds. Now with increasing number of working women and their financial awareness has helped them to some extent in planning their investments. Yet there are a number who still have to rely on either their wives or their children to manage their investments or pension funds. But you can’t always depend on others to manage your retirement plans. Here’s how and what you should consider when planning your retirement wisely. Seriously, it’s not rocket science. Just a little understanding of your situation:

1- You must understand that as a woman, according to the World Health Organization, your life expectancy is longer than that of your husband. So if you lose your spouse, you may end up looking for money. Therefore, it is advisable to have your health and personal insurance which could build your wealth for later years.

2- Don’t leave our investment plans for later. The earlier you plan your investments, the more benefits you will get later. Additionally, early investments help compound interest more, leading to wealth accumulation to take care of your needs after retirement. Check out the new HDFC Life Instant Annuity Plan for more details.

3- Insurance is very important for your better living. Many companies offer women-focused insurance. You can choose according to your needs and act accordingly.
4- You can also go beyond the traditional route and opt for equity funds or systematic investment plans (SIPs). There is also an option for Unit Linked Insurance Plans (ULIP). HDFC Life’s Click 2 Wealth can be the answer to your investment plans.

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5- If none of the above options suits you and you wish to keep it simple, easy and hassle-free, you can choose to invest in the National Pension Scheme (NPS).

How and when you want to invest is important in the whole discussion. Equality does not come from the mere equal status of stakeholders at home or elsewhere. Plan your life ahead, insure and also take care of your life yourself in advance. Be not only a wife, a mother, a daughter, but also a woman in charge of your future.
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