Unlike others single women face considerable retirement planning challenges, whether they’ve always been single or are now divorced or widowed. Single woman make most or all, of your financial planning decisions by yourself. Make sure you’re financially secure during your retirement years.
To help with this aim suggest the following retirement planning tips for single women.
Plan ahead. Surveys show 50% of Americans retire without doing any planning. to ensure their retirement savings will generate a reliable lifetime retirement income. People spend more time planning their next vacation than planning for retirement period in their lives which may extend 20 or 30 years or more.
Look at your financial avenues can give you what need to make important life decisions for example how long you have to work, in case you must change jobs in order to generate more income, work longer etc.
Postpone commencing Social Security. Most women Social Security will be your main source of reliable retirement income.
Single people, be it male or female, the ideal strategy is to delay starting Social Security as your income will be increased significantly for every year you delay.
Convert retirement savings to generate consistent lifetime income. Find out ways to generate a lifetime retirement income. Most people spend the money in their retirement savings and withdraw at a rate that’s too high to make their money last as long as they live. Ample ways to generate reliable retirement income all having its own advantages and disadvantages. Find out which methods will work the fine for your needs.
Take care of your health. Health is Wealth! Can overcome disabling and expensive diseases by more careful about your nutrition and exercise. Follow simple steps to improve your health. Good side of it is you’ll look and feel better and even if you do get disease or medical condition in the future, you’ll be in better position to recover faster.
Increase your network. Possessing friends and relatives who care about you will not only rise your pleasure during your retirement years also help out if you have a medical event or other emergency. The Main retirement challenges is loneliness which can also be a threat to your health.
Try to share resources with friends and family which will help reduce your living expenses. It is advisable to live together. This helps both reduce your living expenses and address the issue of loneliness.