Financial Tips For Women Over 50

Financial Tips For Women Over 50

Saving is a habit if once acquired proves to be fruitful in the long run. The same rule applies for retirement as well. If one is cognizant about their retirement to-do's and don't half battle is won for your old age. Its easy to avoid savings in your young age when you have just started earning and you want to live your life to the fullest. Immediate satisfaction is the key word. But considering the fact that women do live longer than men, a focus on your financial well being becomes critically important. Your young reckless days are getting over and you're coming closer to your retirement, its time to start saving up, identify potential investments that need to be made in order to have a safe and secure old age.If you haven't been planning much, fret not as the old adage goes, “better late than never”.These are some pointers that could helpon getting track with your retirement plans.

  1. Know your expenses- How much do you spend right now? How much do you need to spend after your retirement? What are the absolute necessary expenses that you would require to make and what can be spared. Calculating this is the most critical aspect when deciding on your retirement plans. Expenses like food and clothing goes down and expenses on healthcare increases.
  2. Time your exit well- If you don't think you'll be able to retire early and you need your regular salary, plan your exit well in advance. It is crucial for you to have some sort of income coming on a regular basis so that you can save up in your retirement funds.
  3. Take care of your PF's- Government has a rule of saving 12% of your monthly income as your provident fund which you can use after retirement. It is a step by government to ensure people save up for the old days. Every company follows this, but if your company doesn’t have this policy, save up on your own, save up in a place where you don’t have easy access, you won't be tempted to break it and use the money. Usually people do break this for their children's education or marriage or any emergency, but it is advisable not to. You have your emergency funds for that case.
  4. Create extra income- Use your talents and try to pool in extra income while you can, it could be working overtime or having your own business on the side with the benefits of regular income coming from your job.
  5. Have a wide portfolio- Discuss with your partner, sit down and talk to each other about who owns what and where are all the investments made, each one of you should be aware about where the money is going and coming from.  Ask experts to help you with your portfolio, expand it, have multiple options.

 Financial stuff does seem difficult but its like learning anything new, you start with something, gather information, read as much as you can, talk to the people experienced in it, talk to your peers know their retirement plans and soon you'll get the hang of it too. Planning your retirement would be as easy as budgeting for your grocery!   

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