he latest annuitant mortality data released by the Actuarial Society of SA reveal that the average life expectancy of a 65-yearold South African who has an annuity is 86 for women and 82 for men – in other words, a woman who is 65 today can expect to live to the age of 86, four years longer than the average man.
This means women need to take their longevity into account when drawing up their financial plans. However, this is just one financial planning factor that is specific to women. This Women’s Day, we look at three financial planning scenarios for women in different life stages.
Tumi Mothoagae, head of customer relationship management at Liberty, says: “Financial planning is always something that is unique to every individual. There is no one-size-fits-all approach, and just as you can get a tailor-made dress or work suit, your financial plan should be tailored to your needs.”
She supplied the following three examples of financial planning perspectives that need to be taken into account for women in different life stages with different financial needs: