In today's economy, it's tough to think about the future, but there's one important question you should ask yourself: How's your retirement fund coming along? If you're a woman, there's a good chance that you don't know the answer to that question. According to a survey conducted by ING Direct USA in the past year, most women have no idea about the best retirement planning strategies for women. Of the 1,000 female customers the company contacted, nearly 40 percent of their customers leave the retirement planning up to their significant others and 30 percent have no idea where their retirement income will come from. In a world where more women than men enter and graduate from college and where women increasingly are taking leadership roles in business, the statistics about women, investing and retirement planning are surprisingly disheartening.
Other answers in the same survey are nearly as disheartening. Nearly 80 percent of the women said that they lack financial savvy about retirement planning, yet only half of them said they wished they knew more about investment, picking stocks and managing their portfolios. Meanwhile, statistics show that on average, women work 12 years less than men over their lifetimes, make about $300,000 less and live six years longer. That means that if you're a woman, you'll be living longer on less money than the average man -- at least, that's what the traditional wisdom holds.
If you scour the Internet for investment tips and retirement tips for women, you'll find lots of financial advice that is, quite frankly, condescending. Some major players in retirement planning suggest that women should learn to say no to additional family responsibilities, resist the urge to help out the kids and grandkids financially and save for retirement instead of the kids' college education.
Where are the tips on strategic investing, managing the risk in your investment portfolio and maximizing the earnings potential of your retirement funds? You can start with these five simple tips for finding the best retirement planning strategies for women.
Educate yourself about investing. If you're one of the 8 in 10 women who don't understand the financial markets, investment portfolios and best retirement planning strategies, dig in and start learning.
Review your current situation. You can't devise a retirement planning strategy without knowing where you are now. Gather all your information on your 401(k)'s, pension plans, Social Security earnings and any other investments you've made over the years.
Set retirement goals. It's impossible to plan for retirement without knowing what you'll need in the future. While life always throws us curves, there are general assumptions you can make to help you set a target savings and investment goal.
Plan for the worst. Women, on average, live longer than men, and for that simple reason are more likely to require some type of long-term care than men. Long term care and catastrophic illness planning are an essential part of retirement planning.
Don't go it alone. Team up with an expert in consulting on women's financial retirement planning to help you evaluate your needs and work out an investment strategy that will work for you. Investment firms that specialize in working with women understand the special challenges that face women in retirement and are experts at devising the best retirement planning strategies for women.
To learn more about subjects like retirement investment strategies for women please visit the web site at: http://www.womenmoneyandpower.com
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About the Author
Chris Robertson is a published author of Majon International. All Rights Reserved. Copyright 2011 (Mon Oct 10 2011) Majon International. Majon International is one of the worlds MOST popular internet marketing and internet advertising companies on the web. Visit their main business resource internet marketing web site at: http://www.majon.com
