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Women in retirement: how should you be preparing? Tip 2

By Faeza
24 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 2: Contribute to your own retirement arrangement

While there are alternative methods of adding to your retirement nest egg – such as investing in property or equities that have a higher-than-inflation return – these options are not tax free, unlike investing in your company retirement arrangement or a personal retirement annuity, says Sandy. “It is important for women to make additional contributions via retirement arrangements as contribution guidelines are not always adequate.