Vermont Retirement Planners, LLC

54 Highland Avenue
Manchester Center, VT 05255
nick@vtretirement.com
(802) 367-3958

87 North Main St.
Rutland, VT 05701
nick@vtretirement.com
(802) 772-7945

Retirement Read Time: 2 min

Helpful Retirement Strategies for Women

Preparing for retirement can look a little different for women than it does for men. Although stereotypes are changing, women are still more likely to serve as caretakers than men are, meaning they may accumulate less income and benefits due to their time absent from the workforce. Research shows that 31% of women are currently or have been caregivers during their careers. Women who are working also tend to put less money aside for retirement. According to one report, women contribute 30% less to their retirement accounts than men.1,2

These numbers may seem overwhelming, but you don’t have to be a statistic. With a little foresight, you can start taking steps now, which may help you in the long run. Here are three steps to consider that may put you ahead of the curve.

1. Talk about money. Nowadays, discussing money is less taboo than it’s been in the past, and it’s crucial to taking control of your financial future. If you’re single, consider writing down your retirement goals and keeping them readily accessible. If you have a partner, make sure you are both on the same page regarding your retirement goals. The more comfortably you can talk about your future, the more confident you may be to make important decisions when they come up.

2. Be proactive about your retirement. Do you have clear, defined goals for what you want your retirement to look like? And do you know where your retirement accounts stand today? Being proactive with your retirement accounts allows you to create a goal-oriented roadmap. It may also help you adapt when necessary and continue your journey regardless of things like relationship status or market fluctuations.

3. Make room for your future in your budget. Adjust your budget to allow for retirement savings, just as you would for a new home or your dream vacation. Like any of your other financial goals, you may find it beneficial to review your retirement goals on a regular basis to make sure you’re on track.

Retirement may look a little different for women, but with the right strategies – and support – you’ll be able to live the retirement you’ve always dreamed of.

1. Transamerica.com, 2021
2. GAO.gov, 2021

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG, LLC, is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright FMG Suite.

Share |
 

Related Content

Social Security Benefits: How Much Will I Receive

Social Security Benefits: How Much Will I Receive

Calculating your potential Social Security benefit is a three-step process.

Your Cash Flow Statement

Your Cash Flow Statement

A presentation about managing money: using it, saving it, and even getting credit.

What is Guaranteed Retirement Income?

What is Guaranteed Retirement Income?

Get the facts about guaranteed retirement income.

 

Have A Question About This Topic?







Thank you! Oops!

Whole Life Insurance Can Be an Asset For Balance

Even if you didn’t grow up on a farm, you’ve heard, “Don’t put all your eggs in one basket.”

Your Financial Path Forward in the Midst of Mental Illness

Losing a job is never easy, even under normal circumstances. Losing a job or needing to take extended time off of work due to mental illness, however, comes with its own unique set of pressures to navigate

Funding Your Future Health Care Needs

A little planning now can go a long way to help take care of yourself in the future.

View all articles

Historical Inflation

This calculator shows how inflation over the years has impacted purchasing power.

A Look at Systematic Withdrawals

This calculator may help you estimate how long funds may last given regular withdrawals.

Home Mortgage Deduction

Use this calculator to assess the potential benefits of a home mortgage deduction.

View all calculators

Managing Your Lifestyle

Using smart management to get more of what you want and free up assets to invest.

An Inside Look at Retirement Living

A number of questions and concerns need to be addressed to help you better prepare for retirement living.

Principles of Preserving Wealth

How federal estate taxes work, plus estate management documents and tactics.

View all presentations

Retirement Plan Detectives

A couple become Retirement Plan Detectives, searching records from old employers.

Retirement and Quality of Life

Asking the right questions about how you can save money for retirement without sacrificing your quality of life.

The Richest Man in Babylon

In good times and bad, consistently saving a percentage of your income is a sound financial practice.

View all videos