February 14, 2012
Valentine’s Day: a holiday filled with love, romance – and hopefully chocolate.
Not so lovely? Worrying about retirement.
With an unsteady marketplace and costly living expenses, there’s mounting concern about what happens after your last day at the office.
A recent survey reveals 75 percent of women believe they won’t have enough saved for retirement – up 4 percent from last year.
Plus, nearly 50 percent of women (vs. 35 percent of men) say their biggest fear is doing all the right things today, and still not having enough for "tomorrow," according to Wells Fargo.
Add that to maintaining one’s current lifestyle on a fixed income, potential health worries and uncertainty about what to do during retirement.
"Women want to know they’re never going to run out of resources,” says Julia Valentine (coincidentally), author of Joy Compass: How to Make Your Retirement the Treasure of Your Life.
“The concern comes from feeling overwhelmed or like they don’t have a grasp on how much they need for things like healthcare and retirement."
But there are options!
First, experts suggest calculating monthly expenses so you know what's needed to maintain your current way of life. Next, plan on saving 10 percent of your monthly gross income, and investing in your company's 401K to maximize your bottom line.
If you’re a little closer to retirement, financial experts say you have three choices. Work longer at your current job, retire and get a part-time job, or make needed adjustments to retire and live on less income.
Bonus PINK Link: Before you retire, here’s how to become debt free.
By Gena Latrell
"There is a whole new kind of life ahead, full of experiences.
Some call it retirement. I call it bliss.” Betty Sullivan
Visit littlepinkbook.com for more...
*Supporting images from FreeDigitalPhotos.net, Ambro and Simon Howden.