[ADVISOR VIEW] Wouter Fourie - Ascor_Wealth shares tips on how women can improve their financial position in retirement. Moneyweb FinancialPlanning
Women at work are still at a disadvantage in terms of promotions and earnings, creating a long-term negative impact on their retirement. One reason for this is that women, statistically, simply live longer and must save more during their working lives.
A relevant question to emerge is how women can improve their financial position in retirement. The first and most important rule that can improve women’s income in retirement is signing up for a retirement fund as soon as they can. If you can do it from your very first paycheque, so much the better. Your employment-based retirement fund will most likely not give you the required income to replace your normal salary at retirement. This fact is largely ignored by most, but did you know you may increase your contributions to any employment-sponsored retirement fund or to a retirement annuity fund in order to achieve a more effective income at retirement ?
A big mistake is using your retirement funds as a backup for a family business. Don’t do it. Just don’t. And never cash in your savings and transfer the money to the ownership of a partner.
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