Retirement Planning for Women

March 13, 2018

Why Living Longer Means You Have to Save That Much Harder

On average, women live longer than men. With a longer life expectancy, you’ll most likely have more time to enjoy your retirement. So far, so good. But here’s the catch: Living longer means you have a greater chance of outliving your savings. And while gender equality has come along in leaps and bounds statistically, you’re still at a disadvantage when it comes to accumulating money for your retirement. The bottom line is that you’ll need to save more to live comfortably in retirement.

The Financial Obstacle Course
Research shows that, on average, women earn less than men, which means they have less money to invest. Women are more likely to take time from their careers for family responsibilities, which can mean lower overall career earnings. Lower income and less time working means lower Social Security income. In short, the sooner you create a retirement plan, the more likely you’ll be able to overcome some pretty big financial hurdles.

Your Retirement Future Is Bright
There are some obstacles on the path to retirement. But by saving and developing a sound plan, you can overcome these challenges and take control of your financial future. To learn more about how to make the most of your retirement savings, be sure to speak with your financial advisor.

Five Steps to Get Started on Your Plan

Envision Your Future
The longer you delay planning, the greater the chance you won’t have enough savings for retirement. Think about how you want to spend each day, where you want to live, how often you’d like to travel. A clear vision of your retirement years will help motivate you to reach your goals.

Take Stock of Where You Are
Examine where you are financially. Look at your spending, debt and savings, and ask yourself where you could spend less. Keep in mind that a few small sacrifices now can add up to a lot later.

Make It Easier to Save
These simple tips can help you make savings your priority, but not a burden:

Put Your Money to Work
Many employers offer tax-deferred retirement plans, such as 401k, 403b or 457 plans — all are valuable tools for investing in your future. It almost always makes sense to participate in your employer’s plan.

Plan to Spend Later
Since you’ll likely be retired for 20 to 30 years, think about how to maximize your resources. First, create an emergency fund that could cover up to six months’ worth of expenses. Then divide your remaining assets into three categories:

This material is provided for general and educational purposes only; it is not intended to provide legal, tax or investment advice. All investments are subject to risk. We recommend that you consult an independent legal or financial advisor for specific advice about your individual situation.

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