Three Things Women Need To Do Right Now To Protect Their Retirement

PlanningAt WIFE.org, we don’t think retiring smart has to be complicated. A few good habits can make the difference between working a part-time job in retirement to make ends meet or spending more time with your grandchildren and taking a cruise each year.

Here are three simple things you can start doing today to get on the right retirement path.

Start Saving Now

One of the biggest road blocks to an abundant retirement is the mindset, “I’ll start saving for retirement as soon as I pay off my credit cards/get a raise/insert excuse here.”

Your biggest asset is time. The earlier you start saving for retirement, the more return you’ll get on every dime you tuck away. The growth of your investments will make your retirement savings even more valuable, through the miracle of compounding.  Give it a few decades, and the results of compound returns can be staggering.

Max Out And Automate

Several investment vehicles exist to help you save for retirement. Your employer might offer a 401(k) plan that allows you to save a portion of each paycheck on a tax-deferred basis. Many employers will also match their employees’ contributions up to a certain percentage, which can really supercharge your savings. If your employer doesn’t offer a 401(k) plan, you can choose to invest in your own IRA or Roth IRA, which each have their own benefits and drawbacks.

The more money you can save each month, the harder your money can work for you. To make sure that saving becomes a part of your monthly routine, we suggest automating your retirement contributions. Your 401(k) is automatically funded from each paycheck; if you contribute to an IRA, . you can set up monthly electronic withdrawals to your IRA or Roth IRA. Your automated retirement strategy will be hassle-free and worry-free!

Protect Your Future With Insurance

We can’t predict the future, but we can prepare for it! Nothing can knock you off the path to a stable retirement faster than an unanticipated injury, disease, or accident. What would happen if you had a stroke tomorrow and needed in-home care and rehabilitation? Do you have adequate insurance to protect you, or would you have to dip into your retirement savings to cover your costs?

These important insurance products can protect your retirement savings if anything should happen to you:

  • Health insurance
  • Life insurance
  • Disability insurance
  • Long-term care insurance
  • Follow these three suggestions to make your retirement as easy as one-two-three!

Comments

  1. I certainly like what you have to say about different insurances. BUT as a diabetic there are not life, disability and long term care insurances that are offered to individuals with chronic diseases. Do you actually know of company offering these options to people with chronic diseases?

    • I don’t know of specific companies, but many have rated policies that are very expensive for those who don’t meet standard criteria for insurability.

    • Wheeler Runyon says:

      Lisa,

      I may be able to help as I have worked with clients with diabetes. With over 400 companies that I represent, I am sure that we can find a solution for you. Please feel free to give me a call (619) 721-0176

  2. I’m a 62 1/2 year old divorcee, who made a bad mistake, by not allowing my attorney to place my spouse retirement into my divorce agreement out of fear to his threats, that I wouldn’t see the light of day to collect it!

    I’m on SSI, and I’m recovering from breast surgery, and with hope and prayer, I won’t need to have a spleen or pancreas surgery. I’m needing to work to keep my home I purchased, after my divorce 24 years ago.

    My ex-spouse has earned over $100,000, for over 10 years before he retired. One,Should I collect his SS, which is much more than mine. Two, If I collect his SS, it just may not be enough to support my expenses, because it just may be the same as my SSI, or only $200 more after I pay for my medical. I see my doctors 4 or 5 times a month, plus my medications. If I get a job and have them place my earnings into a retirement account will that help me keep my SSI. until I’m 66 or would this be too much to ask an employer to do? Would I be breaking any legal rules?

  3. Terrie Richards says:

    My husband of 15 years and I are retired and living off of his annuity which he purchased before we got married and provides us over $100K a year. If we divorce, will I be able to receive a portion of the annuity funds (as alimony) since we were living off of it? We have not children.

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