Studies reveal that women live longer than
men and this is certainly a blessing. However, this could be somewhat an issue
when it comes to retirement. The reason is that most women face a unique sort
of monetary issues that require a different approach towards financial
planning. The life span of a woman is 8% more than a man and hence it is clear
that women will have 25-30 years in retirement. Since most marriages end in a
divorce, women are most likely to manage their finances in a better manner. If
you’re a woman who is approaching her retirement age, you must be in need of
some worthy financial advice. Read on the concerns of this article to know the
ways in which you can plan your retirement.
- Get help of a financial advisor: Do you have a professional financial advisor who offers you best quality advice when you need it? If answered no, get one as soon as possible. Since you’re a working woman, you must be busy with different kind of official as well as household chores. Remaining busy with such tasks might not push you towards taking some good investment decisions. This is when you need an advisor who can do this task on your behalf. Studies reveal that women know less about the stock market, as compared to men. But since the stock market is a good vehicle for investment, it is indeed a good option to get help of an advisor.
- Crunch the numbers: Do you follow a budget throughout the month? If answered no, get an average of everything that you spend with cash and credit. A budget is perhaps the best financial tool that can help you track your income and expenses and also maintain a good amount of savings. Assess your current financial situation, determine your needs, jot down your income and track your expenses in order to create a budget. Cut down all unnecessary expenses if you want to lead a happy retired life.
- Think of your retirement needs: We usually hear stories of one spouse saying at home and the other being retired. But in your case, who will be retiring and who will be staying at home? Every case is different and hence you need to think of your retirement years. Have a conversation with your spouse so that you may get to know how you both plan to spend your retirement years. Start drawing a clear picture so that you can cater to your needs.
- Figure out a way to stretch your retirement benefits: Are you saving enough funds in your retirement account? Are you sure that you’ve already saved enough of your pre-tax dollars with which you can enjoy your retired life? If answered no, this is the best time to do so. Get in touch with your employer and make sure you get some matched contributions too.