Financial Success for Women – in Your 60’s and Up
Something that is interesting in life is, as we get older, the longer each phase of life tends to last. Childhood is 15 to 20 years at best. Young adulthood about the same. Middle age, starting about 40, is commonly agreed to last to retirement, so about 25 years. Past middle age – it all depends on your health and good fortune, but the average person is projected to live another 30 years and life expectancies are increasing every day, especially for women.
That is why it is important to prepare now for what could be the longest phase of your life. Just like other events in life, a wedding, honeymoon, or family vacation, the better you prepare, the more you can enjoy the time without stress. As a woman, it is time to channel your great planning and organization skills toward your long-term financial independence.
A good step is to talk with your financial advisor. Even if your husband or partner believes everything is in order, participate in the meetings and learn about your sources of income and what accounts you will withdraw from in retirement. Think about possible scenarios your life could take and compare that to the one you have planned. Address any holes you find.
Next, compare your lifestyle to your funding for retirement. Are you spending money now that you will need in your 90’s? Continue to work if you need or want to. Take time to enjoy your retirement, whether that includes travel, starting a business, or spending more time with your family and friends. Be aware of the pace of your withdrawals so you will have enough for the next 30 years.
Put some thoughts into your current home. Is it where you want to spend your retirement? Make plans now for the future home that will serve you well in retirement, whether it is your current home or another living arrangement.
Staying healthy is a great way to reduce spending in the future. Healthcare spending in retirement is the third biggest category of retirement spending, after housing and transportation. Planning for your health is the only way to minimize your medical expenses in retirement.
If you cherish your independence now, making plans is the best way to help maintain self-reliance as you get older.