According to a Financial Wellness Census, only about a third of women know what to expect for retirement income. What’s even more disconcerting, less than half are confident they’ll have enough money to last through retirement.
Here are a few basic suggestions to get started:
• Figure out your social security. Then you can determine how much additional income you’ll need.
• Participate in financial conversations with your spouse or partner if you have one. A recent UBS report found that 56% of married women leave investment decisions up to their husbands.
• Be open to alternative income. Social Security and your own accounts may not be enough. A tax-deferred annuity, for example, can give you consistent returns with low risk.
• Make sure you have the insurance coverage you need to protect what money you have. Long term care, dental insurance, vision coverage, medical transportation insurance, home healthcare – they all play a role in protecting you and your assets.
You can find all kinds of advice on the Internet, but when it comes to retirement, there’s no one-size-fits-all. Unique situations require unique solutions. Association Member Benefits Advisors (AMBA) will be happy to help you find the insurance coverage that can protect and stretch your retirement dollars.
As the saying goes, knowledge is power.