Sarah Twomey | Desjardins Group
Women today have really come a long way: They've asserted their independence in business and expertly manage their personal lives. But many still find themselves in vulnerable financial situations, especially in terms of retirement planning. How can women turn things around?
Start saving now:
The key to securing your future is preparing ahead, by having a plan and starting to save as early as possible. Women need to be proactive and think about what they would need financially in retirement. This is particularly important since women tend live longer than men. On average women reach 82 years with close to 71 years spent in good health. Future retirees will therefore need their retirement income to last.
Have a plan:
Developing a financial plan doesn't mean locking yourself in a room with a complicated spreadsheet. Desjardins Insurance has a great section on its website called "Creating a retirement savings strategy" that's designed to help you clarify your retirement plans and income needs.
Women may need to consider certain specific issues in their retirement planning:
- Part-time work or leave work force to raise children
- Another factor that may impede retirement savings for women is the fact that they are more likely than men to stop working to become a care-giver for an ill friend or relative.
What's really important is that women don't compromise their financial security in retirement. Start saving regularly as soon as possible, which can be as easy as setting up regular payroll deductions or pre-authorized transfers from your savings to your RRSP.