Ladies: Are You Prepared For Retirement?Submitted by KFSG Wealth Management, LLC on February 5th, 2016
According to a study released by the Transamerica Center for Retirement Studies, nearly half of all women have no retirement strategy! Women fall significantly behind men in their retirement planning. This is especially true in the Baby Boomer generation, as they tend to depend on their husbands to handle the family finances. As statistically women will outlive their spouses, this can be a mistake with serious consequences. The majority of those who have plans in place were not involved in the planning, and aren't as prepared as they could – and should – be.
In addition to not having a plan in place, women face two additional challenges: they typically receive lower wages than men, and they have spent more time out of the workforce to act as a caregiver. These challenges mean it is even more crucial for women to be educated about and feel secure in their retirement plans.
The best first step is to have an honest and open discussion about your retirement needs with your husband, family and close friends. Making sure you are included in the conversation means you won't be caught unaware.
The Transamerica Center also recommends seeking the help of a professional. Their study found that 3 out of 4 women admit they don't know as much as they should about their retirement investments, and only 35% have sought out the help of a professional. Top on the list of what would motivate them to get more involved in the discussion about their retirement, 58% of the women in the study would like easier to understand educational materials. A professional can help bridge that gap.
Fortunately, there are many great resources that can help you get educated about your retirement options and needs. Between taking advantage of the resources available, attending a free educational event in your community and seeking the assistance of a professional to help guide you, you'll find yourself armed with the knowledge you need to retire without having to worry that your plans may not be enough.