Max Wong, contributor to Wise Bread, highlights a number of defined concerns that women have about retirement.
Her article, while written several years ago, is still a valuable article that can be used to help women of any age take steps to improve their retirement readiness.
Although women continue to make huge strides in school and in the workplace, they are at a much greater risk of financial insecurity in later life than men for a number of reasons.
12 Surprising Things Women Should Know About Retirement Planning
- Longevity Does Not Work in Women’s Favor
- 54% of Women Don’t Plan to Retire, Ever
- Almost Half of All Women Plan to Work Through Retirement
- Baby Boomers Are Still Living the Dream
- Time Off for Caregiving Negatively Impacts Retirement
- The Majority of Women Expect to Self-Fund Retirement
- Part-Time Work Is Women’s Work
- Women Are Less Likely to Be Offered a Retirement Plan
- Women’s Annual Contributions to retirement plans Lag Behind Men
- Fewer Women Take Advantage of Retirement Plans Than Men
- Women Think They Will Only Need $800,000 to Retire Comfortably
- Women Are Guessing Their Retirement Savings Needs
Financial Planning for Canadians, offers an article that also supports the notion that women shouldn’t wait to begin the process of planning their retirement. In their article, Women and Retirement: How To Retire On Your Own Terms, they list these keep steps as a starting point:
- Find out what you’re entitled to from CPP/OAS.
- If you’re working, ask your HR department about your retirement benefits.
- Take an inventory of what savings and investments you have now.
- If you have a partner, have a conversation to make sure you weigh in on any decisions they may have made about your money and future.
- Talk about money with friends and ask them what’s worked for them.
- Get help from a Certified Financial Planner® professional to find out where you stand financially and what you can do to reach your goals―not only for retirement but for every area of your finances.
Your Retirement Plan
Here are a few steps that you can take as you begin your retirement planning process:
- Develop a Retirement Strategy and Put It on Paper
- Plan Your Parenthood
- Seek Retirement Benefits
- Participate in Company Plans
- Educate Yourself About Retirement Investing
- Have a Backup Plan
- Actually Do the Math
- Share Your Knowledge and Plans
If you would like to discuss your retirement plans, give us a shout.