I was doing some research for the Crash Proof Retirement Show® and I cam across these great tips for women in retirement. As you know, Joann Small is one of the leading experts on women’s issues in retirement, and these tips really confirm what she has been telling retired women for years.
I found these tips in a report from the Transamerica Center for Retirement Studies, which has been conducting retirement research for 13 years now. 7 years ago, they began including research and stats that are specific to women in or near retirement. Joann Small always says how crucial it is for women to develop a retirement plan and ensure that they are included in the decision making process. Women generally outlive their husbands, but unfortunately they often don’t make a plan for the possibility that their husband may pass away before they do. The Transamerica study found that 48% of women have no retirement plan at all!
So here are Transamerica’s tips for women in retirement. You can find this information on their site by clicking here, and you can look at the full 13th Annual Retirement Survey here.
- Develop a retirement strategy and write it down.
- Calculate your retirement savings needs – and save at a level to achieve those needs.
- Consider retirement benefits as part of your total compensation. If your employer doesn’t offer you a plan, ask for one.
- If your employer offers a plan, participate and defer as much as you can.
- Get educated about retirement investing. Seek professional assistance if needed.
- Have a backup plan in the event you are unable to work before your planned retirement.
- Talk about retirement with family and close friends. An open dialogue with trusted love ones about expectations of either needing to provide or receive financial support should be part of every woman’s retirement strategy.