Women typically earn less yet live longer than men, which suggests they need a different financial plan. Here are 13 strategies to ensure a comfortable retirement:
Or at least make sure your bases are covered before you offer a dime: “Your retirement savings should be on track and automatic, so you don’t accidentally pay your daughter’s car insurance instead of making that IRA contribution,” says San Diego financial planner Ginita Wall, who’s seen it happen.
Savings: Set loftier goals
To make the bite less painful, boost your contributions in small, steady increments and time the step-ups to your annual raise.
Investing: Make a bigger commitment
Eleanor Blayney suggests a simple formula for determining how much of your portfolio to put in stocks: 120 or 115 minus your age, vs. 110 for men.
Family finances: Shift your focus
Don’t be among the other 82%. Schedule a meeting with a certified financial planner to go over the basics of a retirement plan or bone up with our retirement guide.
Family finances: Swap roles
Earnings: Keep a hand in
Not possible? At least be sure to keep up with industry trends as well as former colleagues.
Investing: Be a cheapskate
Earnings: Negotiate for more
Assets: Value your life
Investing: Get the right help
Seek an adviser to whom you feel comfortable telling everything, just as you would a doctor, to ensure a plan that meets all your needs.
Assets: Cover your care
Retirement: Time it right
Retirement: Know what’s yours