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Follow on Google News | Just for Women Retirement StrategiesIt's important to consider how long you think your retirement will last, how much you expect to receive from Social Security and how you will address health care and medical expenses.
Here are three important questions and how they impact women. How long will retirement last? The longer you live, the longer your retirement savings will need to last. So when you think about retirement needs as a woman, it's important to make sure your estimates account for a long life. Start by looking at your current spending. This can help you develop a realistic estimate of your expected spending in retirement. Then review your potential sources of income. Any expenses not covered by outside sources, such as Social Security or a pension, will need to come from your personal savings and investments. How much do you expect to receive from Social Security? Social Security benefits are based on how long you've worked, how much you've earned and when you start taking benefits. Women often have fewer years in the workforce than their male counterparts, often because they've taken time for parenting or caregiving responsibilities, so their benefits may be lower. And the age at which you start taking benefits can have a significant impact on your long-term retirement income. A financial advisor has the tools and resources to help evaluate how and when to take Social Security in a way that is most beneficial to your situation. How will you address health care and medical expenses? Women generally have significantly higher health expenditures over their lifetime than men – in part because they live longer – so this is a very important question. And outliving a spouse may mean you'll need to pay for outside caregiving help. Since health care expenses can dramatically affect your quality of life in retirement, it's important to plan for them. These are just three questions that demonstrate how women's strategies for retirement may differ from men's. Whether retirement is 15 years away or right around the corner, now is a good time to review your unique retirement needs as a woman. To help you sort through your retirement goals and income strategy or to open an account, set up a face to face meeting with Mark Grooters by calling 616-281-9026 or emailing mark.grooters@ End
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