Wednesday, August 21, 2013
Retirement Roadmap for Women
Is retirement planning different for women than it is for men?
Should women be thinking about using their own retirement roadmap when it comes to doing their retirement planning?
Women tend to live longer than men. Which in turn means they will, more than likely spend more years in retirement than men?
All joking aside as to why women may live longer than men, can this really affect women’s retirement planning?
Are there other factors that require women to use a different Retirement Roadmap?
Here are a few essential things that women should keep in mind to help them avoid making any wrong turns with their retirement journey.
Women Live Longer.
As I already mentioned women tend to live longer than men, on average it can be as much as 7 years longer, which means that women need their retirement income to last 7 more years. For a women retiring at age 65, this means that the investments where she is getting her income from will need to last her until she is about 97 years old.
Women Still Tend to Earn Less.
Even today with the equal pay law, women are usually still paid less on average than men. This does therefore make it harder for women to save for their retirement. With this lower income also comes the knock on effect of the negative benefits that it has on a woman’s social security benefits.
Women Spend Less Time in the Workforce.
Women typically spend on average about 12 years not working, usually when they take time out to be caregivers, raising their children and sometimes to take care of elderly parents. This time out of the work force subsequently means reduced retirement savings which can affect the amount women are able to invest into their retirement plans and again into social security. This can even lead to women having to delay their retirement.
Women Tend to Invest to Conservatively.
Statistics show that women tend to invest a lot more conservatively than men; more often than not women tend to choose “safe” rather than “risky” investments, which in turn can mean that their investments will not grow enough to support them through their retirement years.
Take Control to Avoid Bumps in the Road.
Women need to think about the future despite these obstacles that they are faced with. Women can take control and plan for a safe and comfortable retirement. By educating themselves to be able to understanding each individual obstacle that they face, this will allow them to plan and take control of their retirement.
Is it time for you to make retirement planning a top priority, if so contact me at 239-288-0977 to get the education that you need to give you the retirement roadmap that you need to make sure your retirement journey is safe and comfortable.