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Retirement Planning Guide for Working Women

Nov 27, 2019 | 4 months ago | Read Time: 2 minutes | By iKnowledge Team
Retirement Planning Guide for Working Women


Women in the workforce are hustling and working to shatter glass ceilings. The tricky part about this financial independence is that women then must put in extra efforts for work-life balance. According to ILO estimates for the 3-month period between April and June 2018, the average employed Indian woman worked 44.4 hours per week. Compare this to the developing country average of 35-36 hours. Women spend a lot of time in professional workspaces as well as in the engagement of their personal lives: marriage, house, children, household work, kids’ education, etc. 

Yet, financial literacy has been gendered and financial empowerment has a very amorphous form when it comes to women. Amid all the preoccupations and planning for the entire family or household, women miss out on their own retirement plans. 

It is time this trend changes, women should be equally proactive in charting retirement plans and goals. They should also decide how they want to spend their golden years and then invest accordingly. 

Importance of Retirement Planning 

The inflation rates alone should alarm you to the need for planning and investing for the future. The costs of living are rising year after year and to maintain the standard of living, you need to plan your future. 

Here are some solid, succinct points why retirement planning for women is the need of the hour:

  • Women are likely to outlive their spouses. Women also supposedly live longer. Both facts point to the need for ample savings to provide for living expenses, healthcare costs, etc. 
  • Women might leave the financial planning to the male members of the family and that can jeopardise their financial independence. Their earnings might be spent prematurely with nothing to spare. 
  • The gender pay gap is real and women might end up stretching themselves thin trying to make both ends meet. This also extends to the pension benefits. 
  • If an increasing number of women are getting married later in life, they need to be a proactive breadwinner as well as an investor for their own self. 

Guide/Tips to Retirement Planning for working women 

  • Start Early

In your mid-20s, you should start thinking about investments. Learn to budget your expenses and focus on clearing your debt.

  • Budgeting

What is essential for spending? Groceries, utility bills, commute. What is discretionary? Eating out, Drinks. Shopping. Distinguish between your needs and wants to curb your expenditure beyond what is reasonable. 

  • The art of debt repayment

Get a credit card only when you can afford it. Credit card debts are also the ones to prioritize. Work to pay off your student loans first but begin searching for the best retirement plans simultaneously. 

  • Honour other financial goals/commitments

As you grow up, your goals will change. Make sure you put aside some money for children’s education. Get robust insurance. Subscribe to a decent retirement plan. Keep funds separately for the rainy days. 


Financial planning is an exercise you need to indulge in as soon as you enter the workforce. As a woman, it is important to ensure that you can stand on your own even after retirement. Retirement planning for women is also crucial from a social justice perspective. So, make sure you are equipped with the best knowledge about the best retirement plans.  


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