It is significant to discuss the amount of retirement planning — or the lack of it — that women of our times indulge in. Find out why women are not so thrilled nor concerned about planning their retirement.
Women are not concerned with their retirement planning
The Gen X women talk about how important retirement planning is, but in a short while, they almost always manage to throw the topic in the back-burner. This happens despite knowing that they may face the Baby Boomer’s fate — the WW2 generation who are finding themselves woefully short on retirement savings.
Large gap in Super payout of both genders
In fact, the formalised Super system has already shown glaring pay gaps between men and women and this disparity is manifested by data. Men can think of $110,000 as their Super payout, while women may only find $37,000 in their kitty.
Women are expected to live longer
Women must keep in mind that other variables remaining constant, they still have to keep something more in the retirement nest egg because they have longer life expectancy compared to men.
Women have to think of themselves, at some point in time
Women are not big spenders, but they love spending their money over the needs — and even the whims — of their children. It is a noble thing to do, but our first duty as human beings is to fend for ourselves. Women must, thus, approach savings as if it is an unforgettable task — one that just cannot be put away. The modulations of savings might change given the circumstance of a women but save she must.
It is quite a pity that women are conservative investors. This partially stems from the fact that they are not ‘economically’ informed most of the times. Women need to be more aggressive in their investments. It is one thing to conduct risk-benefit analysis and another thing not to take one’s chances at all.