Are You Ready for Retirement?
Americans are living longer than ever, which comes with many benefits and opportunities. Unfortunately, it also increases the risk of outliving assets. Financial risks for later life are also heightened due to the changed landscape in retirement planning that occurred over the last couple of decades. This change resulted in the burden of saving for retirement shifting from employee-supported to individual retirement planning, and according to economists at Harvard University, this plan has not worked. Additionally, women often live longer than men but tend to retire earlier, so are more likely to outlive their resources than men. The good news is that there are some things you can do to be better prepare for your retirement, such as:
- Use a retirement calculator to predict your retirement savings needs
- If employed, educate yourself about the retirement plans at your place of employment
- Create a social security account to keep track of your earnings
- Learn more about, and consider setting up, an IRA
- Find out if an annuity is right for you and if so, when to purchase
- Save more!
- Check out the new U.S. Department of the Treasury saving tool, "myRA"
- Take advantage of saving tools offered by your employer
- Work longer - even 2-3 more years can increase your retirement savings
There is so much to learn about creating the best retirement plan for you and your family! A good place to start is with the Wiser Women's Institute for a Secure Retirement, which has excellent resources for both men and women planning for retirement. So, what are you waiting for?
Source: Retirement Security: Best Practices for a Secure Retirement Webinar. 2015 White House Conference on Aging (WHCOA). http://www.whitehouseconferenceonaging.gov/blog/post/webinar-on-retirement-security.aspx/. Published April 15, 2015. Accessed April 23, 2015.