Retirement planning for women

Planning for retirement is not only about saving money, it is about shaping a future that matches the lifestyle you want to live, once your career years are over. For women, retirement often involves longer life spans, breaks from work to care for your family and wage gaps, that affect your retirement down the road.

Planning for Retirement

To make the most of their retirement, women need to plan ahead.  They also need to anticipate the impact of certain life events, such as career breaks and part time work after the arrival of a child, not to mention longer life expectancy. In Canada life expectancy is on average women live almost six years longer than men, to age 79 versus, 73 1/2 years old, respectively, according to the centers for disease control. and prevention.

Women retire younger

Another factor to consider is that the retirement age for women is often younger if they choose to stop working to spend more time with an older spouse who is already retired. Disability and job loss at the end of a career may also prompt women to retire earlier.

Steps toward Retirement

Retirement planning is much more than just putting money away each month.  Start by determining what age you would like to retire, when you’re 65, earlier, later? Then evaluate your life. Do you want to travel in the first few years, do you move to a smaller place and down size?  Every woman's story is unique. Some want to travel more, while others want to leave a legacy for family, and many want to secure a healthy quality of care later in life. At Your Retirement Path we design plans that reflect real lives, not generic formulas. True confidence comes from a strategy that is clear, flexible, and ready for change when needed.

Many women delay retirement planning because other priorities take over. Yet small steps today can lead to lasting rewards tomorrow. That is why we keep the process simple and transparent. We help you define your goals, assess your current life choices and create a plan that grows with you.

A strong plan looks like

●        A timeline can be set up as to when you want to retire. ( 5 years, 10 years)

●        Decide whether you would like to downsize into a smaller home or stay where you are.

●        Plan for living longer than you think.

●        Plan on getting any dental or healthcare needs taken care of before you retire.

FAQs

  1. When is the best time for women to begin retirement planning?
    Sooner, rather than later, Even small plans that are written down ahead of time can give some reassurance that you have started to plan ahead.

  2. When should I start to think of downsizing my home? It is something that I should be thinking about in my 40’s or 50’s?

    The sooner you start thinking and planning for retirement the better. Not only does it give you a piece of mind that it is done and prepared but changes can be made along the way. A flexible plan is key when you are starting to put a plan together.

  3. Should I be consulting other people who have retired or are thinking about retiring in the next few years?
    Yes definitely, talk to others about what they have experienced, and what they have learned. You may find some very valuable information that can be used in your own plan.

At Your Retirement Path, we design retirement planning strategies that give women clarity and confidence. The best step forward is to act today. Schedule your consultation with us and take charge of the future you deserve.