When should I start planning for my retirement? Will my contributions be enough to give me a decent statutory pension? How much do I need to save if I want to keep my purchasing power and have a comfortable standard of living when I stop working?

As well as being increasingly active participants in the couple’s financial decisions, women are now showing greater interest in building up some personal capital over the long term to prepare for their retirement. But this should not be a random process – it requires close management by experts.

Important to plan ahead

“Women are becoming increasingly interested in the management of their personal finances,” explains Viviane Feiereisen, Private Banking Adviser at Banque de Luxembourg. “But while, generally speaking, they are planning better for their retirement, some are still leaving it too late to factor in the impact that events in their family or working life will have on their assets and financial situation.”

Time off for pregnancies and maternity leave make the working life of women less linear than that of men. “In Luxembourg, 38.3% of women opt for part-time working or a career break,” says Viviane. Changes in the family structure – separations, divorces, single-parent families and blended families – also raise new questions and contribute to women’s isolation and financial fragility, while their longer life expectancy does not make them equal to men in terms of retirement. Every woman therefore needs to start planning for retirement as early as possible. Yes, but how?

Long-term personal support

To fill the gap between the amount of their salary and their statutory pension, one of the most attractive solutions lies in building up personal savings. But finding the ideal savings plan is not easy. “To do so, you have to start by working out how much income you will need to maintain your standard of living, based on your personal situation,” says Viviane Feiereisen. From this analysis, your sensitivity to risk and your income objectives, it is then possible to work out what kind of investments to focus on.”

Through its “Women & Wealth” programme, Banque de Luxembourg offers wealth management support tailored specifically to women. The Bank’s advisers will devote the necessary time to understanding your personal situation and answering your questions. They will provide information about issues that concern you and give you individual personal guidance.

To benefit from personalised support in planning for your retirement:

Contact an adviser