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How many times do you think about saving for retirement and wonder how to go about doing it? Setting aside sufficient funds is particularly important for women because of their life span. According to the U.S. Census Bureau, women, on average, live 5 years longer than men (80.5 versus 75.5 years old). And living longer requires more assets to live on.
Women also, generally, earn less than men in the course of a lifetime. This isn’t only because of income discrepancy between men and women, but also because many women leave the workforce for a period of time to care for our children.
There’s a lot of information for women regarding how you should save for retirement. Sometimes, it’s mind numbing! However, we thought you’d be interested in these tips.
Ask yourself this question . . . “What is the lifestyle experience I want during retirement?” Thinking about that “style” can help you formulate a plan.
S Safety or Security –What is most important to you?
T Tax deferral feature – Depending on your tax bracket, this an important aspect to keep in mind.
Y Yield – What is a reasonable yield that will allow you to maintain your desired lifestyle while staying within your personal risk tolerance?
L Liquidity – Make sure your investments have a liquidity feature so that in case of an emergency you can easily draw funds without penalty.
E Estate planning – How do you avoid probate and keep your hard-earned money intact to leave to your loved ones?
Sometimes, planning for retirement can keep you up at night. Don’t let it! Seek out a financial advisor who will listen to your needs and help you achieve the type of lifestyle experience you want during retirement. Remember, it’s never too late to begin saving for retirement!