Women in retirement: how should you be preparing? Tip 3

By Faeza
25 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.

Become financially independent

“The reality is that women need to start saving more than men and for a longer period to help protect themselves against not having sufficient money in retirement,” explains Sandy. “In this regard it is important for women to take ownership and create safety nets for themselves by becoming financially-savvy. A little bit of planning now can lead to a lot less stress ahead.” If you are unsure about how exactly you can plan for your specific situation, chat to your financial adviser.