Retirement planning is an important step for everyone. However, it can differ for men and women, especially in today’s economy, according to Brent Meyer of Safe Money Resource, a national network of independent financial advisers.
Cherry Hill NJ (PRWEB) July 31, 2015 Womens Retirement Planning
“Unfortunately, many retirement plans don’t address women’s needs – including what would happen if their spouse passed away. For instance, women often plan for the same period of time as men, even though they’re likely to live longer,” explained Meyer.
“That’s not it, either. Women have different concerns, needs and goals than men. Their decisions can also be influenced by work, family and the timing of their partner’s retirement.”
Women’s Retirement Planning should be a joint effort and address her individual needs, her life expectancy, her health concerns, her circle of family and friends and what should happen in the case of divorce or her husband’s early disability or death, for example.
Here are some tips for women’s retirement planning:
- Take into account important life decisions and consider those decisions and how they would affect retirement, social security benefits, and living alone. These include roll over 401k decisions, new job decisions, marriage and divorce.
- Make sure your risk tolerance is inputted along with your husband’s. Should any changed be made because of your own level of risk tolerance?
- Build you own network of support and family – and note that this may be independent of your husbands support network – but may be the same, just give it consideration.
- Stay involved with your investment options and know what they are.
- Make joint decisions with your partner, don’t just be a by stander.
- Above all, stay informed!