With women living longer (our average life expectancy is around 80 in the U.S.) and nest-egg dollars tighter than ever, it may be time to rethink retirement plans.
Don’t panic, but do consider revising plans, advises Mary Claire Allvine, CPA and Principal with Brownson, Rehmus & Foxworth, Inc. “Make sure you have skills you can use to keep on working past retirement,” she adds.
If you plan to live off your investments, anticipate being able to spend about 5 percent of what you have saved. That’s $50,000 a year if you have $1 million in assets. Older workers are already remaining in the workforce; for the first time they’re outnumbering teens, reports AARP.
Older workers are taking advantage of considerable skills, experience and wisdom to continue earning in their chosen field or a new career.
Want more?
Socyberty suggests turning a hobby into a job by substitute teaching, being a tour guide or a consultant.
Don’t want to work but aren’t sure you’ve got the funds? Be content with less. Women & Co. offers financial tips for those who plan to retire, like knowing your employee stock options, considering an IRA rollover and how divorce can impact planning. Plus, Social Security Online allows you to calculate your estimated benefits.
Bonus PINK Link: Check out our online exclusive to find out whether an individual retirement account is right for you.
By Cynthia Good
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