What Robin’s Reading: Women & Retirement Planning

Robin Weingast Reading RecsMarch is Women’s History Month, so this month, Robin’s been reading upon tips and tools that will help women set themselves up for financial security and peace-of-mind.

Here’s an overview of what Robin’s been reading this month:

1) Retired women and financial crisesDid you know that over 70% of nursing home residents are women and that the average daily cost of a room in a nursing home is $90,000 (it may even be higher in New York and other metro areas)? With a longer life expectancy, higher healthcare costs, and lower wages compared to their male counterparts, women need to be particularly vigilant about planning for their futures. This article details the risks and solutions that women can employ to avoid a financial crisis during retirement.

2) Working women and successful planningDo you find yourself taking a back seat in financial planning when it comes to your husband or partner? Are you certain you have your bases covered when it comes to life insurance, child financial planning, investment planning, and retirement planning? If you’re worried you may not be an equal partner in financial planning for you and your family, here are some areas to pay attention to and tips to help you secure equal footing in your financial relationship.

3) Overcoming financial obstaclesFeel like there are too many obstacles standing in your way when it comes to financial planning? While women do face significant hurdles when it comes to financial security, it’s easy to turn obstacles into opportunities if you know what to do. We found this article particularly helpful.

If you need expert advice on how to plan for your financial future, get in touch with the Robin S. Weingast & Associates team. 

 

 

Need to Know: Women and Retirement

Weingast_startupSince March is Women’s History Month, we’re bringing you a special Need To Know post on women and retirement. The gender pay gap in the US and globally is well-documented and a frequent topic of conversation and advocacy. While there is work to be done to achieve compensation equality, women can —and should — take some key steps to ensure financial stable retirements for themselves.

The most important thing for women to do when it comes to retirement is to get informed. The Robin S. Weingast team believes when it comes to retirement planning, knowledge is more than just power — it’s peace of mind. The Women’s Institute for a Secure Retirement (WISER) has a helpful checklist that outlines what women need to know, what women should ask their employers, and what women should discuss with their spouses. Click here to look at their checklist.

Something important to note is that while retirement benefits are offered to more and more full-time employees, women are more likely than men to be working part-time, and so there may be fewer benefits available. The TransAmerican Center for Retirement Studies advises women to consider retirement benefits as part of overall compensation and to advocate for benefits if none are provided.

Once you’re informed about your benefits, it’s time to think big picture and come up with a long-term strategy. A 2015 survey by the TransAmerica Center for Retirement Studies found that almost 60% of all female respondents felt that they were “guessing” when they estimated their retirement needs. That same study found that women estimated their retirement financial needs to be much lower than men’s — even though women live longer than men. Guessing and incorrect estimations can have drastic consequences when it comes to retirement planning. This can mean the difference between being free to enjoy retirement or having to work longer than expected.

Women should make it a point to sit down and articulate their financial goals — including a realistic picture of how much money is needed for retirement — and then determine a savings plan to help achieve those goals. The plan should include your knowledge of your benefits, and should also take into consideration that women are more likely to take time away from the workforce to act as caregivers to children or elder relatives. This will have an impact on your retirement savings and may necessitate some catch-up retirement planning. Revisit our post on making up for lost time with retirement planning to see how you can offset any delays in planning.

Something else women should consider doing when it comes to retirement? Asking for help from a professional. Only 36% of all women polled in the TransAmerica study used a financial advisor, and of that 36%, 77% talked retirement planning with their advisors. A financial advisor is well-versed in the many avenues available when it comes to retirement planning and can help get you up-to-speed on how to maximize your benefits and other savings opportunities available to you.

If you’re ready to have a discussion about your retirement, it’s time to contact the Robin S. Weingast & Associates team. We’ve worked with clients for over 30 years to craft customized retirement and financial plans that will help you do more than just save money, they’ll help give you peace of mind. Contact us today to learn how we can help.