Retirement Planning for Women and Solutions for Common Problems

Abstract

This paper aims to study the level of awareness among the women towards retirement planning as women don’t take retirement as an important event in their life. This attitude of women towards retirement is not the problem with non working women or rural women or illiterate women but also with the well educated and working women. Those who take retirement as important as other events of life are not well versed with various retirement savings instrument to be used for retirement savings and depend upon the traditional approaches of saving for their retirement. Apart from this, the attitude, behavior, family background, social issues, lack of awareness about financial planning and financial rights within the family also contribute to the lack of awareness about retirement planning. In this paper a stratified technique induced sample of 125 has been taken comprising the working women to understand the level of awareness, different avenues used by them for retirement and the common problems faced by them in doing retirement planning.

Keywords: Retirement planning, Investment avenues, Retirement corpus, Personal finance.

JEL Classification: D14, D31