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5 Ways Women Should Prepare For Retirement

5 Ways Women Should Prepare For Retirement

November 01, 2020

5 Ways Women Should Prepare For Retirement

A practical financial checklist for the future.

When our parents retired, living to 75 amounted to a nice long life, and Social Security was often supplemented by a pension. The Social Security Administration estimates that today’s average 65-year-old woman will live to age 86½. Given these projections, it appears that a retirement of 20 years or longer might be in your future.1,2 

1. Ask yourselfAre you prepared for a 20-year retirement? 

How about a 30-year or even 40-year retirement? Don’t laugh; it could happen. The SSA projects that about 33% of today’s 65-year-olds will live past 90, with approximately 14% living to be older than 95.2


2. Start with good questions. 

  • How can I draw retirement income from what I've saved?
  • Will I need other income streams to supplement Social Security?
  • How can I PROTECT my retirement savings 3-5 years before I retire?


3. Enlist a financial professional. 

The right person can help you with those good questions I talked about in the previous tip, especially one who understands the challenges women face in saving for retirement. The majority of my clients are women. These may include income inequality or time out of the workforce due to childcare or eldercare. It could also mean helping you maintain financial equilibrium in the wake of divorce or death of a spouse.


4. Invest strategically. 

If you are in your fifties, you have less time to make back any big investment losses than you once did. So, protecting what you have may be a priority. At the same time, the possibility of a retirement lasting up to 30 or 40 years will likely require a growing retirement fund.


5. Retire with a strategy. 

As you face retirement, a financial professional who understands your unique goals can help you design a wealth management approach that can serve you well for years to come.

I come to work everyday looking forward to being a part of helping people plan for the best retirement possible. Give me a call if you would like me to help you create a financially secure retirement.