When you come across the word retirement, what comes to mind? If we’re to take a wild guess, we would say a middle-aged or elderly man sipping his favourite cocktail while sitting in front of a beach house. If that isn’t the exact image, we’re pretty sure it’s close. This is because over the years, it has become apparent that men and women do retirement differently. So, it is not uncommon that your first thought would be a man “chilling” during his retirement, instead of a woman.
This stereotype can be traced to the investment personalities of men and women long before they hit the retirement ages of 50 to 65 years. Studies show that men are likely to be more aggressive and more likely to take risks in their investments than women; and everyone knows that the higher the risk you take, the higher the likelihood of increased reward. Conversely, women tend to be more cautious and conservative investors. While this isn’t necessarily a bad thing, it significantly affects the kind of retirement we eventually have.
In addition to this, some women juggle work life, childbearing while acting as natural care providers in most homes, thus resulting in periodic decline in earnings with significant increase in expenses as children grow older and family sizes increase. More than ever before, now is the time for women to become financially aware so we can enjoy significant financial stability at retirement while maintaining the lifestyle attained during our active work-life.
Thankfully, there are practical ways to go about changing this. Making smart financial decisions like setting up a pension fund account early and adding voluntary contributions to that pension fund account, is one. From as early as when we get our first salary or even NYSC allowee, to when we decide to set up businesses, a woman’s financial security is as important as a man’s and so there’s a need to take deliberate steps to plan for tomorrow.
Without mincing words, Stanbic IBTC Pension Managers has proven to be the most reliable partner in helping women plan for a healthy retirement. With an excellent track record of pension professionalism and a wealth of experience in fund management, we can support you on your journey to retiring well.
Leave your details here with us here so we can reach out to discuss your retirement plan. We will also notify you of our next financial fitness session organised for customers and affiliates of Stanbic IBTC Pension Managers. For more information, please follow us on social media @stanbicibtc or visit our website – www.stanbicibtcpension.com