Prepare Retirement
Retirement needs to be planned!
Personal Finance I cover retirement strategies to help you plan your financial future.
The Transamerica Center for Retirement Studies found that half of all
women are not confident in their ability to retire. Often, they lack
the confidence in their retirement planning to feel secure during the
second phase of their lives. Women are much more cautious by nature when
it comes to financial matters. There are many strategies and tactics
one can employ to help build confidence in their portfolio. Consider
working one more year. Although this might not be a viable option for
everyone, it is certainly something to consider for those trying to
build their nest egg. Part-time work, whether it is with your current
employer or somewhere else, provides guaranteed income along with a
sense of purpose. Taking advantage of workplace savings accounts by
maximizing your contributions to both a 401(k) and IRA are extremely
sound financial decisions. And, if you are over the age of 50,
additional dollars can be contributed which can help grow these accounts
more quickly.
Only 19% of women have a backup plan if they are forced to retire. The working world is very different today. Individuals born in the 1930’s or 1940’s might have only changed jobs once or twice during their working years. Today, someone in their thirties may change employers upwards of 5 to 7 times. Unpredictability in the workforce is rampant and having a backup plan for your future is just as important as the time and resources you put into your current position. Keeping your options open by fine-tuning your skills or developing new ones are all great ideas for futuristic decisions that could be out of your control. Being prepared is key!
38% of individuals believe they understand Social Security. This number is extremely low therefore it is very important for women to educate themselves on the ins and outs of Social Security.
What women need to do to protect themselves.
Retirement needs to be planned!
Personal Finance I cover retirement strategies to help you plan your financial future.
Woman in retirementAdobe Stock Photo
According to the Centers for Disease
Control and Prevention, once Americans reach age 65, life expectancy is
an additional 20.6 years for women and 18 years for men. Women are
living longer and therefore more is needed to cover expenses during
their retirement years. Statistically, women lag behind men in planning
and saving for retirement, yet research has proven that women are more
responsible with their money.
Only 19% of women have a backup plan if they are forced to retire. The working world is very different today. Individuals born in the 1930’s or 1940’s might have only changed jobs once or twice during their working years. Today, someone in their thirties may change employers upwards of 5 to 7 times. Unpredictability in the workforce is rampant and having a backup plan for your future is just as important as the time and resources you put into your current position. Keeping your options open by fine-tuning your skills or developing new ones are all great ideas for futuristic decisions that could be out of your control. Being prepared is key!
38% of individuals believe they understand Social Security. This number is extremely low therefore it is very important for women to educate themselves on the ins and outs of Social Security.
What women need to do to protect themselves.
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