Most women in America will be disproportionately impacted by America's retirement process, and not in a good way. Women face unique challenges when it comes to retirement, including:
- Get involved Take an active role in retirement planning decisions. While women take charge of the household spend, they are less likely to be in charge of retirement investing.
- Research - According to Voya Financial, women are more likely to ask for help and gather lots of data. Women have an edge a tendency to research investments diligently before buying. We should use this edge.
- Be patient - Women tend to avoid trading in and out of investments. That bodes well for our long-term investments.
- Budget - If you can set aside 15% of your income, do it. If you can't afford that, start with at least 3%, or whatever you can afford. No matter how old you are, whether or not you have any savings, just start now.
- Ask questions - According to Melody Hobson, President of Ariel Investments, women need to make sure we are informed, continue to ask questions, be patient and focus on the long term. It will definitely help overcome some of the long-term challenges that we face women in retirement.
- Plan and monitor - As women, we need to insure we are on the right track to building a secure retirement plan that will allow us to continue to live the same comfortable lifestyle or better than when we were employed.
We women certainly face retirement challenges that men don't, but these are easily overcome by careful planning, research and patience. Make sure you follow these simple steps so you don't get caught short-handed when you're ready to retire.