SAvvy Women's retirement PlanNing

Ensure you have enough

Women face a different challenge than their male counterparts; they are living longer and spending more time in retirement, but with less savings. Americans in general as a group face a shortfall in retirement savings, but women appear to be saving less than men (Employee Benefit Research Institute 2015 study). Why the shortfall? There is still a pay gap and women may face career interruptions due to raising children or taking care of family. Women also tend to save less during their earning years compared to men, regardless of pay. How can they overcome this?

Here are some ‘savvy savings’ ideas to help ensure you have enough in retirement:

Take Responsibility

Regardless if you’re in a relationship or not, longevity statistics prove you should be in control of your savings. Don’t rely on someone else’s savings to coast you through retirement.

Save more than the norm

Saving 5%, even 10% of you pay may not be enough. Have a financial plan done on you alone, aside from you as a couple to see what your amount saved would need to be to last you through age 98.

Plan for long term care

Because women statistically live longer, you are likely to need care and without insurance to cover that cost, your assets will quickly become depleted. Plan ahead for how to pay for services like in-home care.

Coordinate Contributions

You can coordinate retirement contributions with your spouse or partner. If you have times you are unemployed and not saving, have your spouse contribute to a spousal IRA on your behalf.

Remember to be aggressive

Be aggressive in your savings and planning. Maximizing your contributions if possible. Once retired, your investments still need to outperform inflation and make money to support you.

Money Savvy

Women should work with a financial advisor that factors their longevity, income, and retirement savings gap independently from a partner, regardless of marital status, etc. Their advisor should provide them with an accurate estimate of their gap and a plan to help close it. Additionally, the financial plan should include balancing monthly retirement savings contributions between partners so that there is an equalization of the woman’s retirement savings over time to the other partner’s savings.  Build a financial plan that addresses the gap.

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Dave Ramsey is one of America’s most trusted voice on money and business matters. He is a personal money-management expert, radio personality, and author of numerous books. We are excited to be part of the SmartVestor program because Dave’s beliefs about financial education and retirement planning are rooted in the same beliefs as Trajan Wealth. By having the heart of a teacher, and not of a salesman, we dedicate the time needed to listen to your goals and educate you on your investment options.

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Jeff Junior, Fiduciary

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