Advice by Women For Women On How to Save - Retirement Planning

Here are some tips about retirement investing for women: 

First, we must understand that Investing is emotional. It is tied to our mindset and sometimes we don't plan far enough ahead for very personal reasons that can often be self-defeating. If you can relate, seek out advice from other women who have made the retirement decision to plan ahead.

Tie your savings and retirement goals to your personal goals. Examine what you believe your health may (or may not) be and whether or not the swimming or golfing or running a marathon goals are realistic and achievable in your retirement.

The 40-60 age group is deciding if they want to change careers, change their life goals, or stay in what they are doing right now. They are at that midway place in their lives where they are planning for their long-term goals. 

Women need 20% more than men to retire because we are living approx. five years longer than men 

Women tend to invest more conservatively than men because we fear losing our money.

• Instead of fearing losing our money, we REALLY NEED TO focus on whether we will run out of money
• If you are too conservative with your investing then your savings won't keep up with inflation
•  Your living costs for retirement will depend on your lifestyle, check out the 4% rule as a starting point
• A diversified portfolio is the best and sticking with that is important! 
• Can you afford to count on living on your retirement pot?
• Be actively involved in setting aside money. We recommend at least 10% of your monthly income to be allocated to your investing journey.

In terms of contributing to your retirement pot:

• Make use of your employer matching program if available to you (Country and Employer specific)
• Check the tax rules for self employment for your home country
• Many countries offer tax relief if you personally contribute, look out for SIPP, ISA, IRA's or applicable for your specific geographic location
• Countries such as Australia have a government agreement with employers. You employer is required to allocate a certain percentage of your income to a unique fund which you can access at aged 55

If you have a windfall of money you may or may not be subject to tax on it, so be smart with your goals and what your plans are for that money so that it lasts for you. Seek advice to ascertain your most appropriate option

• Be smart about what you get because most people go through a windfall in two years 
• Control your destiny with your good choices

Don't try to time the markets and wait it out. Buy index funds today and allocate funds monthly to take advantage of compounding and $ cost averaging

We tend to work from three cash strategies: 

1. Long-term: If you have long-term goals, have your money working long-term. 

2 & 3. Short-Term and Cash Flow: Plan your strategy and work your goals and plans around your lifestyle and what you need and want to happen. Plan for that money. 

And when it comes to retirement planning by watching the news.....

TV media hype is slanted, biased and mostly (just plain) ignorant. 

When you plan for your retirement take these tips into consideration. That way the twenty years you hadn't planned for, won't have you looking for a job at your local grocery store. 

You cannot also overlook the opportunity to start your own business. It is an true way to gain tax advantages, increase your savings and plan for your retirement. 

Dervived from Article Source: https://EzineArticles.com/expert/Mischelle_Watkins/343114