How many women are tired of being a statistic???
According to the US Census Bureau, women are more likely than men to have no retirement savings.
The least prepared for retirement are single women, especially those with little formal schooling.
Ready to turn the tides?
Most people only hear about contributing to your government-recognized or employer-sponsored retirement plan. If you have an employer who does not offer a plan OR if you do not have an employer, you can still for save for retirement. Do not use this as an excuse to do nothing.
In fact, I am specifically not including government-recognized or employer-sponsored retirement plans in this list because they are designed to help the government or employer’s bottom line, not yours. The recommendation for employer-sponsored retirement is to only contribute what the employer will match and nothing more. For government-recognized plans only contribute what is mandatory.
There are a few simple, but important, things you can do to ensure you are not a statistic:
1. Make saving automatic.
Move at least 10% of your after-tax income to an account designated specifically for your future before you start spending any of it. I labeled mine “FUTURE ME”. As soon as a payment clears the bank I transfer a percentage to my bucket accounts. From my FUTURE ME account I can purchase real estate, invest in the stock market, or purchase bonds, certificates of deposit, annuities, bitcoin, etc.
I personally do not label these investments “retirement” because once you label them “retirement” the government tells you when you can use your money and penalizes you if you do what you want instead of what they tell you you can do with it. But, the point is that these investments will be available for my use for the rest of my life, including to subsidize my lifestyle should I choose to retire.
2. Know what you want to invest in BEFORE earning the money.
One of the great excuses for procrastination is that you have to do research. Eliminate the excuses by doing the research ahead of time so you know where the money will go when you reach the balance you need to invest.
Need some ideas? Think about what you like. Find ways to invest in things you like or what interests you. Just like when you were in school, you are more likely to learn about things that interest you than things that you could care less about.
3. Know your tax laws.
There is no excuse for not knowing the rules you need to play by. Do a google search. Find reputable sources for articles. Pay a financial advisor or planner to help you (just make sure they are independent and have no incentive to steer you towards a product they will make a commission on).
It is better to know up front how you will be taxed for withdrawals BEFORE you make the investment. It can make the difference of thousands of dollars.
If you are tired of being a statistic, email me about the Money Mom Academy. It is a self-paced program with no end date, and lots of access to me and other like-minded women. It covers everything money, finances, investing, and money mindset and you choose how deeply you want to dive into each topic. It is set up so you can return over and over, starting at whatever level you are currently at (including absolute beginner) and going until you are the go-to expert in your circle.
It is truly the fastest way to get from where you are now to where you want to be- creating a life lived on your terms and the ability to make magical memories with your loved ones.