When it comes to retirement, there are numerous challenges that women face. With the coronavirus pandemic at full force, the challenges have gotten even more strenuous. Financial security in retirement for women stems from lower pay than men and caretaking for family members. To learn more about the challenges for women entering retirement and steps to take for your financial future, keep reading.
According to MarketWatch, women are more likely to outlive their investments, and they live longer than men do. As mentioned above, women are stereotyped as the primary caretakers in families, which in turn affects the overall financial security of women. Here are some tips for women either in retirement or entering retirement:
- Stay on Top of Your Portfolio
It is always important to review your portfolio. Keeping a frequent hold on your investments is vital to the success of your stocks and bonds. As the markets have continuously fluctuated since March of this year, it is recommended that investors review and analyze the performance of their investments.
- Protect Your Health
Right now, protecting your health should be your top priority. It is extremely important to take precautions and keep your immune system healthy. In order to enjoy retirement in the future, you need to make sure you are doing what is necessary to keep your body healthy. Such activities include getting enough sleep, resting often, regularly visiting your doctors, and eating healthy. Your health is a huge component of retirement, so make sure you are prioritizing it before and during retirement.
- Meet with a Financial Professional
As always, it is important to meet with a financial professional should you have any questions regarding your retirement. Meeting with a professional serves many benefits, such as peace of mind, advice for your specific portfolio and will educate you on the best practices for your financial future. If you are getting close to, or have just began, your retirement, now is the time to speak with a professional. It does not hurt to ask as many questions as you need to understand how to attain the retirement you deserve.
After all, you have worked hard to get to where you are in your career as a woman. As the coronavirus pandemic has affected each and every one of us in some way or another, and with retirement ahead, it is crucial to stay on top of your finances and how to manage them best once you reach retirement.
To learn how LifeBridge Financial Group can help you plan for the retirement of your dreams, give us a call at (713) 527-8998. We’re here to plan your ideal retirement and guide you along the journey.