Four Retirement Planning Questions Every Woman Needs to Ask Herself

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Four retirement planning questions every woman needs to ask herself

Most women have a vivid and detailed plan to spend their retirement period effectively. But when the time arrives, they sometimes get lost or confused about their options. This happens mainly because, after all the time and effort you spent for decades on investing your retirement money, it might be hard to spend it away. Thus, second thoughts are quite common at this stage. In order avoid this dilemma all you need to do is to plan out your retirement well ahead of time so that you won’t be stranded on the way. Listed below are four essential questions that will help.

1. At what age do you hope to retire? 

Your retirement age has a direct, and big, impact on your retirement savings. But due to various reasons, it is hard to determine the exact age. You need to make the period a neutral one instead of making it too early or too late.  If not, it will create unwanted complications. For instance, if you retire too early, you may get hit by vehicle-specific taxes or a decrease in social benefits. If you retire too late, you might be too old to fully enjoy the money you’ve saved.  Make sure that your age doesn’t act as a barrier.

2. How much do you need?

A retirement fund is one way to make your life’s dreams come true. There can be many places you want to see, and many people you want to meet. Until you figure your budget, all that has to wait. Whatever investment account you use, you must ensure that your investment is in the right form. If you are planning a world tour after retirement, you may want more cash on hand. But if you were saving up for all these years for something special, act accordingly. For instance, a silver IRA might be a wise option if you are planning on paying for a large wedding for you daughter in the distant future.

3. How to spend the fund wisely?

Just because you are maintaining funds for a large expense like a wedding doesn’t mean your entire investment should be stored as silver. You can use multiple methods to keep your funds flexible and safe. You can change any part of your retirement fund into silver using what is called a silver IRA rollover. It is important to ensure that you have cash and investments in different forms. This is important to ensure that you will not go bankrupt or get mugged during your round-the-world journey.

4. Should you continue working?

It might be difficult to break the habit of working after decades of practice. If you have the drive to keep achieving your goals and face challenges, you can give a shot at becoming an entrepreneur. You can start something simple from your home such as a catering service. If this is a part of your plans, you must make this decision well ahead so that you can save for the business separately.

It’s time that we plan and organize our retirement now in order to break the myth about women and investing.

 

*I have been compensated for this post contributed by an outside writer.*

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12 thoughts on “Four Retirement Planning Questions Every Woman Needs to Ask Herself

  1. Sylvia @Professional Girl on the Go

    Great questions! I was thinking about when I would like to retire a few days ago. I was thinking maybe 55. I want to have enough stream of income that would allow me to retire at that age.

    Reply
    1. femmefrugality Post author

      My number’s right around the same, Sylvia. Now I just need to get more serious about getting there.

      Reply
    1. femmefrugality Post author

      Agreed. Everyone should be arguing themselves these questions, but we as women need to shake the this-is-one-thing-we-don’t-prepare-for stigma.

      Reply
  2. snarkfinance

    Great questions to ask and not just for women. Everyone can benefit from a little financial planning. That said, I think everyone should plan on continuing to work in some form or fashion… its important to keep the mind fresh and active. It can only lead to a more fulfilling retirement in my humble opinion.

    Reply
    1. femmefrugality Post author

      Ah!!! You’re back! Hooray!!!

      And I agree. Even if it’s not something you get paid for, keeping at something keeps depression at bay.

      Reply
  3. seattlegirluw

    My supervisor at work is in her 70s, but she found retirement boring. Instead, she just takes a bunch of vacations during the year. (The owner of the company is her son, so he doesn’t give her grief about it.)

    I think I’ll end up doing the same. Partially because I like a paycheck, but also because we’re getting such a late start on retirement due to disability and other expensive issues.

    Reply

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