4 Steps Women Can Take To Help Prepare For Retirement

4 Steps Women Can Take To Help Prepare For Retirement

4 Steps Women Can Take To Help Prepare For Retirement
Challenges are different for women when it comes to saving for the future

They may have some of the same financial goals, but women may face different challenges when it comes to saving for the future. If you’re not where you want to be on your retirement planning, don’t worry! Here are four common-sense steps women can take today to help prepare for the road ahead:

1 Understand the challenges
On average, a woman turning 65 can expect to live until approximately age 85.6, meaning a potentially lengthy retirement with greater expenses. Without proper planning:

              • you may not have enough income to last as long as you do.
              • women take more time away from work to care for children or elderly parents (sometimes simultaneously)
              • women may have higher health care costs in retirement due to longevity.

Yes, it may seem overwhelming, but understanding and preparing for them can help you diffuse the risks.  You should consider and determine the amount of savings you will need to meet your goals. Remember, the planning you do today will help determine how you live tomorrow.

2 Get involved
Today men and women both believe joint participation in financial decisions is important, according to 2020 UBS Global Wealth Management’s latest “Own Your Worth” report. On average women are living longer than men so women must be more engaged in long-term planning to ensure you have a well-thought-out retirement income strategy. If you’ve been hands-off up until now, there’s no time like the present to get in the game. Take time to get up to speed on your current finances.  Educate yourself through online resources and find a financial professional who will answer your questions. Be an active participant in financial decision making and you will be empowered in helping secure your financial future.

3 Envision your retirement
An important exercise in preparing for retirement is picturing what you want those golden years to look like and who you will be as a retiree. Help plan for happiness by writing down who you want to be in 20 or 30 years, what your day-to-day life will look like, what activities you will be doing and who you will be spending your time with. Make the future less of a stranger by creating a detailed image of your life. You’ll likely become more of an advocate for your older self and take the steps necessary to create a retirement strategy that will work for you.

4 Find a financial professional you respect and trust
Find a financial professional you can go to for guidance. Choose someone who you trust and who has your best interest in mind because by doing so you are more likely to make confident decisions that have a lasting impact. Don’t hesitate to ask friends for a reference or talk to a few financial professionals before you find someone who is right for you. Ask as many questions as needed and have a clear voice in creating your retirement strategy.  Life changes and you should adapt and update your plan as needed.

While women may face unique challenges, you don’t have to let those obstacles stand in your way.

    • Take steps to educate yourself
    • Become involved
    • Form your team of advocates

Then, you will be on your way to creating a more financially secure retirement.

This information is brought to you by Athene — where unconventional thinking brings innovative annuity solutions to help make your retirement dreams a reality. (edited for more improved readability)

Keeping you informed…
Fred Fortson – HelpInsureUs.com
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