No Retirement Plan?
While some think of beautiful beaches and much-needed “me” time during retirement, studies show 70 percent of women are stressed about making the transition, and less than half think they can afford their post-job lifestyle.
How to stress less?
“When we talk to women, they’re often less confident than men about finances and making financial decisions,” Keri Dogan, senior VP of Retirement and College Products at Fidelity, tells PINK.
Don’t already have a retirement plan in place? “Researching online or sitting down with a financial provider will help you maneuver through the process of
setting up a retirement income plan,” she suggests.
Whether you plan to keep generating income after retirement or living on a budget from your savings, Dogan advises using an income strategy evaluator to figure out how to turn assets into an income stream. She adds, “We’re seeing an increasing trend of women expecting to work in some degree after retirement, more so than men.”
Want more?
To get finances in order before your last workday, experts suggest paying off credit cards, taking advantage of your company’s 401k or Roth IRA and consider maintaining a tax-free form of income. And don’t forget about medical expenses – for a 65-year-old couple retiring this year, Fidelity suggests budgeting about $230,000.
CNN Money‘s retirement planner helps calculate goals, income, savings and your portfolio to see how effective your retirement plan will be.
Bonus PINK Link: As women’s life expectancy gets longer, many opt to continue working. Find out why.
By Caroline Cox
“Inside every older person is a younger person – wondering
what the hell happened.” Cora Harvey Armstrong
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