Women & Money: A Comfortable Retirement

BOSTON (CBS) – When you start a new job do you ask about the retirement plan? Do you request the paperwork? Is it something you are going to get around to do? Retirement planning should start with your first job, but that almost never happens no matter how many times I suggest it.

Only about 7% of women have a written plan for retirement according to a study by the Transamerica Center for Retirement. And over 50% of women do not have any retirement strategy.

Unless you are planning to live with one your kids in your old age you really need to do retirement planning. And if you choose not to do a financial plan come this Thanksgiving as you have your family sitting around the dinner table decide which one of the kids you do want to live with and be nice to that one!

Most women don’t want to live with their kids nor do they want to be a Bag Lady! So they need to learn about money. Money is a powerful tool.  Learn how to make it, save it, invest it, keep it, protect it and pass it along to the next generation if you want to.

  • Take charge of your finances and if coupled you need to share in managing the family’s finances.
  • Save for retirement with your first job; those years between 20 to 35 are key to asset accumulation.
  • Realize that Prince Charming is not coming and if he does arrive, he may be on a mule not a white stallion and have joint custody of his little princess.
  • Figure out where your money goes each month.
  • Get out of Debt. This may mean drastic measures such as “plastic surgery”.
  • Establish a budget and save more.
  • Learn about investing.
  • Learn how to use insurance to protect those hard earned assets and your dependents.
  • Do your estate planning so that you can pass your assets to your heirs easily.
  • Know what you don’t know and go learn about it.

One more thing:   The Massachusetts State Treasurer’s Office will facilitate a Women’s Economic Empowerment Series in two pilot cities this fall, Quincy and Newton. Check with their office for more information on how to sign up.

More from Dee Lee

One Comment

  1. Mary Nikko says:

    The key is to start saving/investing early in life and be consistent (save with every paycheck). Taking advantage of a matching 401k plan should be a no brainer. The power of compounding is lost on many people. Also maxing out contributions when possible, eliminating debt, avoiding risks with your nest egg, planning for multiple streams of income once retired (social security, pensions, dividends, part time work, etc.) and making catch up contributions once you reach 50 should all be part of everyone’s plan. And work at staying healthy to reduce illness, injuries and medical costs. I recently found the site Retirement And Good Living which provides information on all these issues as well as many other retirement topics and also has several retirement and health calculators.

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