3 things every woman needs to know about preparing for retirement
Did you know that women consistently save less for retirement than men do? This statement is true despite the fact that women are living about five years longer than men are and their money has to be stretched even further! A recent article from Forbes Retirement discusses the three essential retirement planning tips for women.
In order to reach their retirement planning goals, women should:
1. Save aggressively—Saving often and early is your best approach.
2. Have a long-term plan—Your retirement plan shouldn’t end the year you leave the workforce. Rather, it should include a strategy for the entirety of your retirement.
3. Don’t forget long-term care—Since women are more likely to outlive their spouses, it’s probable they will be responsible for their own long-term care. This needs to be a part of your long-term plans from the beginning.
I hope you will spend a few minutes reviewing the article I have shared. It can be a great starting point as you begin thinking about and crafting your own retirement plan.
A final tip I would suggest to women is to consider including philanthropic support as part of your retirement plan. Strategic and creative planning can provide charitable income tax deductions during working years and a steady, guaranteed income throughout retirement. Plus, you have the added benefit of supporting a cause or charity you care about. This can be a powerful combination!