As surprising as it may sound, many women still do not think about their retirement. Some may assume they will work until they are physically no longer able and that social security will cover any expenses they need. Others might believe that their husbands’ pensions or savings is enough. But statistically, women tend to outlive men, which means even married women are going to need to be knowledgeable about and in control of their retirement. Clearly, there are still misconceptions about retirement, and these underscore the importance of retirement education for women.
According to a report by Transamerica Center for Retirement Studies, only 16% of U.S. women said they had well-developed retirement plans, and 15% said they had no retirement plan at all. Why?
Among other issues, there’s something deeper than finances beneath women neglecting their retirement: even in this age, many women put themselves second, third, fourth, etc. on the list of people to care for. Some women don’t put themselves on that list at all. But the fact is, planning for retirement is planning for self-care. It has to be a priority.
My advice to women is first, change how you view yourself. Assess your other roles as caregiver, spouse, mother, etc. and be sure you are addressing your own needs. Prioritize yourself. Make part of that priority getting up to speed on planning for your retirement goals.
Once you decide you are important and deserve a solid financial future, you can get control of where you are headed. Here are some steps in the right direction.
Don’t let yourself get caught up in the erroneous idea that retirement is not important or assume someone else can care for you once you retire. And don’t believe that you are not important or worthy enough to plan for a happy future. We all deserve to retire comfortably. Investing in that belief can help get you there.
Wood Smith Advisors, a Registered Investment Advisor (RIA), is a fee-only financial services firm that partners with its clients to simplify their financial lives. We focus on women, entrepreneurs and individuals with complex financial situations, providing objective and competent advice, education and services to help them develop and build their businesses and reach their financial goals. We can be reached by clicking here.
“Finance Made Simple” blog posts are intended for educational purposes and not for specific advice. Each person’s situation is different. Consult your financial advisor for advice relating to topics discussed.