The National Pension System (NPS) is crafted to provide retirees with a steady financial foundation. It combines market-linked returns with appealing tax benefits under Section 80CCD. With two account types and a streamlined online platform, NPS simplifies retirement planning while ensuring long-term wealth growth.
India's financial literacy rate among women is alarmingly low at 21%, adversely affecting their financial independence and decision-making. Women must overcome societal norms and take proactive decisions when it comes to investments, negotiate fair salaries, and understand their inheritance rights. Reducing their dependency on others for managing finances and taking active charge of their own money can help Indian women achieve greater economic stability and empowerment.
Research industry standards and also how much your company is offering for similar roles. Provide a salary range instead of a fixed amount, so that there is room for honest discussion. Highlight your strengths and achievements that justify the desired compensation.
Financial secrecy and unilateral decision-making can erode trust in a relationship, leading to misunderstanding and insecurity. Establish transparency, mutual respect, and shared responsibility when it comes to financial matters, so you can build a strong financial foundation and avoid resentment. At the same time, make sure you do not impede too much into each other's financial autonomy.
Identify your post-retirement interests and begin engaging. Many imagine retirement to be a period of rest and relaxation and time for travel. However, one discovers after some time that the lack of purpose makes life boring. Initiating something new when one has already retired and lost the network, power and privileges is tough.
Learn to overcome the hesitation to claim your money as your own. You work hard to earn it, and you must have a say in how it is going to be used. If the operational arrangement is that one of the family members will manage the process, be involved and informed, and insist on your active consent. Discuss how each will contribute to the common household pool.
If you are planning to start a small business, this new series will help identify the problems you’re likely to face. In the second part, Yasmin Hussain finds out what it entails to start an artificial jewellery business by talking to Just Lil Things’ Co-founders, Deepika Jain & Anup N. Mehta.
