Get Your Finances Ready for Retirement

Posted by Lily Chung

Retirement Tips for Women

Posted by Lily Chung

On average, women work fewer years than men and they make $300,000 less than men, but over a lifetime, women live six years longer than the average man. For every $1 earned by men, women earn an average of $0.77. Preparing for retirement in the early stages may be the best decision a woman can make.

That is one of the first tips experts give to women. Start early. First you should figure out how much you would need in order to retire comfortably. You can do this by going to professionals that know how to work a "retirement calculator". After you figure that out, make sure you have a savings plan! You can get one through an IRA, TSP or employer-sponsored plan. But try to diversify your investings. Start investing assets in stocks, bonds and some in cash savings account. The best thing to do now is to keep your job and build up your assets. You need to be able to have a source to contribute to a 401(k) and no matter what you do, try your best NOT to borrow or take withdrawals from a 401(k). Try your best just to NOT touch anything that you have saved for retirement!

Another tip many experts would suggest is to retire later. Wait on social security if possible. When you claim your social security earlier, there is a huge difference in the benefits. Reports have shown that someone who claimed their social security at the age of 62, claimed about 50% less than someone who claimed their social security at the age of 67.

Sources:
Top Ten Retirement Tips For Women
5 Retirement Tips...For Women Only
Retirement Tips for Women

How Social Security Reform Affects Women

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"There is broad, deep opposition among women to any reforms that would weaken Social Security and undermine their retirement security," said National Partnership President Debra L. Ness. "Women want lawmakers to ensure that they will get the benefits they are paying for-not privatize the system."

The poll also found that when told that private accounts would reduce Social Security's guaranteed monthly benefit, women's support for privatization drops to just 33 percent.

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Pay Dirt: Retirement funds often below costs

Post By: Dana Sunderlin

What does it take for Minnesota's seniors to make ends meet? More money than many have.

Kim Oseira imagined a fun retirement spent going to movies, driving the grandkids and visiting her native Alaska. But today, the St. Paul 68-year-old rations gasoline, hasn't seen a movie for two years and hasn't been back to Alaska since her job ended.

"I'm worried right now about how I'm going to pay my electric bill," said Oseira, who lives on $1,100 a month from Social Security and a part-time job. "I try not to let [money] bother me, but it does."

Bonnie Watkins, executive director of the Minnesota Women's Consortium, hears such stories all the time. "These are the women that did what society told them, nice ladies like my mom," said Watkins. "The status of older women is really the most heartbreaking feminist story to me."

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