Retirement is a hot topic, as it should be, because everyone wants to get to this point in their lifetime. No one wants to get stuck working for the rest of their life. When it comes to women and retirement, they need to plan for a variety of different factors, including a longer lifespan. Here are some smart retirement moves for women from Roshan Loungani.
Consult an Advisor
One of the most important things women should do when planning for retirement is to consult an advisor. No one should enter into retirement alone, or in the dark. An advisor will be able to answer all of your questions, point you in the right direction and review your finances to ensure you are able to retire at your desired age.
Plan to Live Longer
Make a plan that encompasses a longer lifespan. Women live longer than men; it’s a scientific fact. You don’t want to wind up running out of money because you lived longer than you thought you would. This can ruin your retirement and force you to return to the workforce.
Cut Down on Spending
Just because you’re retired it doesn’t mean you should spend all of your money. Cut down on spending as much as you can in retirement. This doesn’t mean you can’t go on vacation every now and then or treat yourself to something new (like a car). It just means you need to be more fiscally responsible with what you have.
Maximize Social Security
Many women decide to retire early, around the age of 62. If you can put taking Social Security until your Full Retirement Age or even until age 70, you will have a significantly higher Social Security benefit.
Contact Roshan Loungani today to discuss other smart retirement moves for women.