Saving for retirement can be challenging for everyone. Especially for women as they are more likely than men to be in poverty at age 65 or older, one of the many contributing factors is that women are more likely to take time out of the labour force to raise children or provide caretaking duties to a family member. It is also common knowledge that women live longer than men do but sometimes it could be a sad thing because retirement will be longer and more expensive for women, as studies have also shown that 7 in 10 female entrepreneurs have no retirement or pension savings.
Thinking about setting up a pension now? Here are some more reasons why you need to get started and build a secure retirement for yourself.
YOUR OLDER SELF NEEDS YOU NOW
Your older self is depending on you to be smart and efficient, it’s the person you are going to be from 30–40years from now. As a female entrepreneur, you need to be proactive by setting up a pension plan early on, do it for the benefit of your older self. Like the popular saying goes “do something today that your future self will thank you for”.
YOU’LL WANT TO RETIRE EVENTUALLY
As female entrepreneurs we have once in a while dreamt about retiring early, just relaxing and traveling the world. This could be much more than a dream and would become a reality if you begin to set up a pension plan as soon as possible. Setting up a pension helps you secure your financial freedom thereby enabling you to retire early to live your best life.
FOR THE COMFORT OF YOU AND YOUR SPOUSE
Relying on your husband’s pension is not of a plan but if you put all the cards on the table, two older people sharing one pension is not fun. if the husband dies first then the pension is gone. Don’t you want to have a plan where you play a key role and have control to spend the income according to your wishes?
FOR THE COMFORT OF YOUR KIDS
Aside from investing in your children now, part of your investment in them is planning for your retirement so that you can take care of your needs, this removes a lot of pressure from them when you get older.
WE (WOMEN) LIVE LONGER
Multiple studies have shown that women live much longer than men and this is more reason why you should have a pension plan in place as you would be here for a longer time.
IT IS A SAFE RETURN
Let’s say you wait until the appropriate age to withdraw your pension like when you are 60 years old, you will be enjoying a steady, moderate growth on your investment.
Furthermore, you do not know what the future brings? A pension is always a way of planning for the future when you have no idea what this day may bring. While there is no way to predict what will happen, one thing is certain, you will always benefit from a retirement plan.