how women can approach retirement confidently!
Retirement is a daunting prospect for many, but new studies suggest that women are particularly at risk when it comes to their later lives. A few reasons for this include:
Women on average live longer than men
Women are more likely to take breaks during their careers
Women are usually the ones with caregiving responsibilities for both aging parents and children
Women are more risk-averse than men
If we consider all of this, it’s not surprising that many women are apprehensive about retirement and worry about not having enough money to last them.
Do you?
Read our top tips below on how to reduce financial risk and prepare yourself for retirement…
Always plan ahead - It’s very tempting to dismiss retirement as something that you don’t have to worry about just yet, but the truth is, the earlier you start thinking about it, the more control you have over your situation. Whatever your marital status, you need to be prepared for any eventuality and arrange the necessary plans to safeguard your financial future.
Make saving a priority - Women have a reputation for putting others before themselves; helping children, supporting their spouse, or even their parents. Do you do this? While it’s very admirable, you should consider your own future too. Consider increasing your pension savings and plan as if you were living in a one income household, regardless of your actual situation.
Know your finances inside out- The number of people who don’t actually know how much they’re earning, spending and saving is bigger than you would expect. This is particularly true for some married women who let their husbands take care of the finances without having the faintest idea of their own financial situation! The only way to secure your future is to take an active part in household finances - it should be a team effort and not a one-man-job (or one-woman-job).
Don’t forget later life care – The older we get, the more likely we’ll need some sort of care support, which as I’m sure you know comes with a large price tag. As women live longer than men, you’ll need to consider how this will impact your savings.
Talk to a financial advisor - If this all sounds a bit too much, you can always turn to a professional for advice. They’ll be able to help you make sense of your financial situation and come up with an effective long-term strategy that will significantly increase your chances of a happy, financially secure later life!
Our team of friendly advisors could be of some assistance - give us a call on 01633 987070 and we’ll find a solution together.
