Planning for your golden years is essential for everyone, but especially women.
Living longer than men is one reason why, and according to the Department of Labor women are more likely to work in part-time jobs that don’t offer retirement benefits, and more likely to leave the workforce to care for family members.
So add it up and you have a longer retirement and less money to fund it.
There are some tips, though, that can help women save for retirement.
Step one: think it through. When are you going to retire? What will you do in retirement? How much money will you need to do that? There are calculators online that can help you decide these issues.
Step two: assess your situation. What’s your current debt? How about your savings?
If you’re like most people, you’re going to find a gap between what you have and what you need. So step 3 is figure out how you’re going to close that gap.
One way to do it is to check out your Social Security benefits. What can you expect? Remember that the longer you wait to retire the more you will get.
Step four: Use work retirement plans. If your employer offers one, contribute as much as you can, and always enough to get any company matching money.
And finally, take care of your health. Healthcare makes up a big portion of retiree expenses.
Whether you’re a man or a woman, figuring out what you’re going to need in retirement and then developing a plan to achieve it is going to make you feel a lot more comfortable as that retirement approaches.