Follow us on:

Women in retirement: how should you be preparing?

By Faeza
20 August 2015

There are some fundamental differences between men and women that can impact on retirement savings. For example, on average, women live seven years longer than men,  which means that they are more likely to outlive their retirement savings. Women also tend to spend fewer years in the workforce and experience more career interruptions due to factors like maternity leave and being primary caregivers.

While it might seem daunting to navigate these realities, this Women’s Month, Head of Group Insurance at Momentum, Sandy Govender offers four tips on how women can plan for the future in light of these challenges.

Tip One: Start saving young

“The large majority of South African individuals do not save enough for their retirement,” says Sandy. “We recommend that women already start saving in their 20s. This might seem like quite a balancing act as young adults tend to spend the bulk of their money and savings on cars and houses. Couples also tend to start their married lives in debt because of wedding expenses, which can further eat into one’s savings.