Cape Town - It's a fact that women can expect to live longer than men. This makes it all the more important for them to draw up a retirement strategy for themselves which
includes tax-efficient estate planning.
Angelique Visser, chairperson of the Fiduciary Institute of Southern Africa (Fisa), is a strong believer that sisters should be doing it for themselves and not be tempted to leave it up to hubby.
She feels women should use their strong organisational talents to ensure that
family affairs are up to date and not left to their partner or husband
to arrange, as is often the case.
Visser's message this Women’s Month is to encourage all women to review their estate planning.
“Women face a number of unique circumstances, which include time out of the workforce to be a parent or caregiver and typically lower wages than men. These present challenges for saving.
"As a society, we should do more to empower and equip women with the know-how to plan, save and ultimately achieve a secure retirement,” says Visser.
A recent study on baby boomer women in the United States showed that nearly half of them have no retirement
strategy, while more than half either expect to work after 65 or simply
do not plan to retire.
According to findings released by the
Transamerica Center for Retirement Studies, most older women are so
focused on paying off consumer debt and making ends meet that only 29% have made saving for retirement their top financial priority.
You can help safeguard your family's future by reviewing your will annually, ensuring that you make provision for minor children through a testamentary or inter vivos trust.
And don't shy away from consulting a reputable expert, advises Visser, who points out that Fisa members must adhere to a code of ethics and a minimum service standard.
Estate planning forms part of wider financial planning, so use August every year to review your family affairs and take charge of your estate planning, urges Visser.