As single incomes become more of a reality amidst a hard recession and a dwindling economy, more and women are taking their earnings and investment opportunities seriously. With people having to look at the bigger picture of family as well as just themselves, everything from saving for a rainy day right up to a comprehensive retirement plan is now an important part of a woman’s future. There is, of course, no particular age you should start saving money for your retirement. Many people like to wait until their 30’s until families are settled, others will start as soon as they enter employment. Generally, the earlier you can start the better. Certainly if, like most people, you’re heading into your mid 30’s and still aren’t paying anything into some sort of investment, retirement or pension plan, you need to start doing so right away.
Women can now decide their own career and future in a way that sadly wasn’t available as little as 50 years ago. For women in their 20’s looking to invest, equities can be a good choice as you’re in a position to take a few more risks when you’re young. You can choose to invest in mutual funds for long term goals, as these will give you the benefit of professionals managing your money. Alternatively, finding a good pension provider who offers a comprehensive, high risk plan is an excellent option and one that could cover you for your entire future. As women get older they will tend to get married or settle down and are likely to have children. They will become responsible for their family and have to secure their children’s future as well as their own. At this stage, suitable insurance plans are essential, as are mutual funds that perform well. Some people will be considering educational plans for their children that could be very costly. Good investments could be key to whether this becomes an affordable option for you.
One investment which is often talked about in a lot of detail is gold. Investment in gold funds are a taboo subject and I won’t discuss it at length here. If you do want to invest in gold, generally the advice is to look at bars or funds rather than ornaments or jewellery, but I would seek expert advice on the matter before progressing further.
As you get older, you will generally be earning more money and it’s wise to really start increasing your retirement savings in your 40’s and 50’s. The housing market is getting more and more squeezed and it is likely to be the case that people cannot afford to buy a property until much later in their lives. Having a good savings and investment plan can make sure you don’t miss out on a good deal when the time comes to buy. Finally, when you do reach retirement age, investing in senior citizens savings schemes is appropriate for women who are over 60. These will give you more returns compared to other schemes and help give you that little bit extra in your later years.