Kim Kirmmse Toth - Small Business Coach

Women and Retirement: Are You as Concerned as You Should Be?

MP3 File

You know you should be concerned right?

Even if you are part of the Mass Affluent ($100k-$1 M of net worth, not including your primary residence) statistics show you are concerned. You are concerned about your retirement and about whether or not you can live worry-free at this stage of your life.

You are saving less than men and as boomer women you are less likely to have made a stock or investment change in the last 12 months. (Men were more likely to increase investments) It may be that this is a confidence ‘thing’ so you do nothing. Meanwhile, not taking any action could put you at greater risk.

Here is a Tip.

If you don’t have a financial planner, find one. Unless you are truly savvy at investing, hire someone. Ask your successful friends who you trust and who they work with. Then listen, do your research and don’t stick your head in the sand and do nothing.

This Mass Affluent group of women (remember, this means your NET worth is $100, 00.00 or up to 1 Million) tend to be ages 53 to 64 and 85% of you plan to retire within the next 5-10 years. So, yes, you are probably working. This is a good thing.

Here is another Tip.

Since you will most likely be working I beg you to be doing work you love. I beg you to do what you do best, no matter what that capacity is. You may have lived your earlier years doing work to raise your kids, send your kids to college or help take care of your parents. Now it’s time for you to do the work you love, whether it’s for yourself or someone else. You have earned the right!

Yet another Tip!

This is not all gloom and doom! It is simply that you need to pay attention. So many women simply do not pay enough attention to their money coming in and their money going out.

It’s important to keep your eyes wide open and be in charge of your financial life. Many women in the Mass Affluent group are not doing that because they falsely believe that they will be fine. They believe their investments will see them through decades and decades without bringing in income from a paycheck.

The reality is that only 9% of these women are living on their investments alone.

Keep in mind that the average woman will spend 6 years alone without spousal support, due to death. Even couples are not in the clear since there is often a disability that may prevent working or a divorce.

Whether you are a woman who is part of the Mass Affluent or not you must be educated and astute. You must have a plan for your future that addresses your needs for now and in your retirement years.

This is a time to truly put yourself first. Please don’t let children or grandchildren, aging parents or a dozen other concerns get in the way of you creating a financial plan that will keep you financially safe and sound.

What are you going to do today to take a proactive step forward?

Be Sociable, Share!

Leave a ReplyLogin

Connect With Me!