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FEATURE – money can be a bigger barrier between spouses and partners than language or religion.
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Insurance company Allianz surveyed women in 2019 and found that 67% of women surveyed said they were worried about their current financial situation, compared with 57% of men surveyed. A majority of respondents (81%) said they experienced a lot of stress when thinking about retirement planning.
These and similar surveys have uncovered a number of problems.
Women tend to be more concerned about risking their nest egg than their male counterparts. Risk aversion, especially during a woman’s productive working years, can prevent her from accumulating enough savings to survive her retirement years. In the United States, the typical woman pays her peak earnings at age 44. At this point, she will make an average of $ 66,700, according to Payscale.com.
So if you are a woman looking to retire, what steps can you take to make sure you don’t run out of money when it is time to retire?
Have a money chat (or chats) with your spouse or partner
If you are married, engaged, or in a committed relationship, it is a good idea to discuss your financial concerns. This talk should not be a forum for judgments or accusations about income or spending habits.
Instead, use this time to discuss your and your partner’s attitudes towards savings, debt, retirement, and other important money issues. Discuss how your background shaped these attitudes and how you can use your strengths and weaknesses to create greater financial peace.
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Become more money conscious
Unfortunately, many Americans lack the basic financial literacy required to make optimal money decisions. Fortunately, online courses and videos (many are free!) Are available to take advantage of and other offers from your workplace, college, or financial advisor.
Keep a daily expense log
When you say, “Wow! What happened to my paycheck? ”It might be time to write down your daily, weekly, and monthly expenses. Similar to dieting and exercise, journaling creates deeper awareness and can connect you emotionally with your money in ways that lead to better Habits leads.
You will recognize patterns and weaknesses and can address them more effectively. You will also discover “fat” that you can trim and use to grow your retirement accounts. As financial literacy expert Christine Luken points out, it only takes $ 24.70 a day for unnecessary expenses to add up to $ 10,000 for the year!
Practice diligent self-care
What does taking care of your physical, mental and emotional well-being have to do with money management and retirement planning? Everything! The connections between your financial well-being and the rest of you are well established by psychologists. For one, taking care of your body and mind can help you work longer.
When you are feeling in shape, you will be more inclined to tackle the tasks related to money management and retirement planning. You will also find more energy to work on the side gigs to make extra money, participate in social activities, or spend time with friends and family.
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Set up an emergency fund
Emergencies happen even to the best-planned, money-wise people. A few months of cash tucked away to accompany you through the unexpected will help you feel comfortable. Having an emergency fund in place can relieve you of the fear your brain creates of insecurity.
Lose the black cloud of debt. One of the most common things that add to money stress is lots of high-yield consumer debt. Imagine the amount of money you will save as you work together to reduce this debt.
Think about retirement now. It is never too early to start thinking about retirement and getting professional services. No matter what phase of your economic life you are in, it is always good to find a money-making advisor.
There are many more ways women can improve their futures by taking control of their money back. Be informed!
Lyle Boss is a member of Syndicated Columnists, a national organization that advocates a fully transparent approach to money management. As an asset protection instructor, he has helped thousands of seniors find their financial retirement options. Its clients include government employees, teachers, doctors, farmers and business people to name a few. Boss has been actively teaching advanced estate planning and wealth preservation for more than 20 years in locations like the University of Utah and in over 200 Senior Retirement Consumer Education Workshops throughout Utah, Idaho, and Wyoming. Boss and his wife Deanna live in South Ogden and St. George, Utah.
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