To plan retirement preparation, usually, women will depend on her partner. But, the mindset of workers for their retire have different.
President of the Humphreys Group from San Francisco, Diane Bourdo stated that women currently tend to be more productive when they retire.
The author of “Rewriting the Rules: Telling Truths about Women and Money” also stated that women become primary breadwinners in 40 percent in households.
So, there are some things for women to a retirement plan. The following 5 steps reported by the retirement Preparation from the page Kompas.com
1. What is the purpose after retirement?
According to Bourdo, women tend to be less confident financially, especially in investing.
However, in the other research show that with increasing women’s economic conditions, they felt challenged to invest.
2. Know the risk
Bourdo said investing has many types and easy to do. You should know the risks of each product.
3. Think of the kind of advice that is needed.
Based on the Bourdo experience, many women are asking questions about investing and finding data, especially to investing for their retirement. Bourdo suggested the women to ask the help of a professional financial advisor.
4. Plan your retirement
Bourdo said, many financial experts emphasize how issues such as longevity and the wage gap affect the retirement readiness and financial health for women.
5. See the financial condition
Some women were forced to quit work to take care of a child or take care of elderly parents. If the conditions are like that, look back at your budget and see there is a room to saving money.
The easiest thing to do is keep track of income and expenses, whether income in accordance with the spending plan.
6. Plan a priority
Here are a few things that should be prioritized:
– Consider obtaining long-term care insurance, especially if your family have potential health risks later in life.
– Combine your assets as well as creating tax-efficient withdrawal strategy and felt safe
Create a budget and spending plan
Decide when to take the benefits of healthcare and social security.