Here’s something to consider: 50% of women hÂÂave had to adopt a more frugal lifestyle in retirement, compared to just 34% of men, according to a recent survey by Age Wave and Edward Jones. If you’re a woman, what can you do to live a financially secure life when you retire?
For starters, while you’re still working, try to put in as much as you can afford into your retirement plans, such as a 401(k) and IRA. And if you enjoy your job, you might even want to extend your employment past your originally planned retirement date. This will give you more time to contribute to your retirement accounts and possibly help you delay taking Social Security, which can result in larger monthly benefits.
If you’re already retired, look for ways to reduce your expenses. You might even consider downsizing your living arrangements.
When you’ve retired, you’ll also likely need to depend on your investment portfolio for some of your income. So, you’ll want to have enough growth potential in your investments to keep you ahead of inflation.
By adjusting your financial course as needed, you can help make your retirement journey less stressful — and more enjoyable.
This content was provided by Edward Jones for use by David Beerman, your Edward Jones financial advisor at 401 W. Oakland Ave Johnson City, TN.
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