5 Reasons Retirement Planning For Women is Hard
Retirement planning for women can be tougher than it is for men. There are a number of factors that contribute to this. By identifying these factors we are in a better position to overcome them.
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These following 5 reasons are not blanket statements that apply to all women. I have seen women that definitely avoid some/all of these mistakes. These mistakes list general pitfalls that are more likely to affect women than men.
1. The first reason is women often have fewer years in the workforce than men. This is because women are more likely than men to take time off work to raise children or to take care of sick family members.
2. The second reason is women may be more conservative in their investments. More conservative investments will generally have a lower expected return compared to more aggressive investment strategies. A lower return makes it harder for your nest egg to grow to a big enough size to support your retirement goals.
3. The third reason is women don’t necessarily plan for themselves. Once again, this is not an issue that affects all women. But women that don’t take an active role in making investment decisions may suffer financially. The take away here is to be sure to speak up on your financial desires, and don’t be afraid to throw down the veto when someone else (like a husband or financial advisor) wants to make a financial decision that you are not comfortable with.
4. The fourth reason is that women typically outlive men. The longer you live, the longer your savings must last you to support your lifestyle. Since men do not statistically live as long, on average their savings will not have to last as long for their own security.
5. The fifth and final reason is that women may place other people’s needs before their own. While this is a great trait it can be taken too far. Remember, the first priority in retirement is taking care of your needs. Then you will be in a healthy position to help others.
You can read the full original article at: www.thestreet.com/story/12878420/3/5-reasons-retirement-planning-is-tougher-for-women.html
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Christopher Hammond is an Investment Advisor Representative with Retirement Wealth Advisors, Inc. (RWA) 501 Baldwin Street, Suite 203, Jenison, MI 49428. (800) 903-2562. RWA is not affiliated with Tri-State Financial Group or Tri-State Insurance & Financial Services.