GOBankingRates works with many financial advertisers to showcase their products and services to our audiences.
These brands compensate us to advertise their products in ads across our site.
This compensation may impact how and where products appear on this site.
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information.
you might read more about oureditorial guidelinesand our products and servicesreview methodology.
What should every woman in her 50s know about Social Security that they may not realize?
They should understand thatSocial Security may not be so secure.
Cuts to retirees incomes are imminent unless changes are made.
Women should understand that theirSocial Security will most likely be taxable in retirement.
What advice do you have when it comes to making decisions around their benefits?
If you havent fully planned for this, it could change your retirement outlook.
Women shouldnever forget to plan for longevity risk.
Remember, retirement could be longer than we think.
This is gravely concerning to me as a financial advisor.
This could prove economically crippling in the event of adivorce or death.
Most have learned simply by observation.
What financial strategies do you recommend to address this concern?
Women shouldnt be afraid topay themselves first in their employers retirement plan.
They should alsoalways be open to asking questions and learning.
Once theyve gained the knowledge, I also encourage them to pass that knowledge on to the next generation.
This leads them to leave taking care of themselves to the last on the list.
The repercussions of that oversight can be damaging when it comes time to retire.
The rising cost ofhealthcare and long-term careare issues that many women overlook when planning for their retirement.
Women live longer on average than men but havesmaller retirement funds.
Yet, a longer life doesnt necessarily mean a more prepared life.
Many times, women enter retirement with asmaller nest eggthan men.
They are typically out of the workforce longer, acting as a caregiver forchildren, grandchildren or aging parents.
Those responsibilities can set women back when it comes to career advancement and retirement plan contributions.
Women are also saving for retirement on a smaller income overall due to apersistent earnings gap.
My tips for combatting these issues are:
1)Start saving now.
you could create a plan that will address your current and future expenses.
Work with an advisor who understands the challenges that women face in saving for retirement.
Think about appointing ahealthcare proxy or decision makerwhile youre still mentally competent.
More From GOBankingRates
Share This Article:
