As much as we all hate to admit it, financial planning - for business and for personal use - has long been an activity that falls on male hands. Although the majority of us women handle the day-to-day financial aspects of running a family, few of us spend the same amount of time on creating long-term plans. In fact, only about 45% of women participate in a retirement plan where they work, compared to almost twice that for men. (Statistics exclude Australia as your employer is required to pay into Superannuation where applicable).
Many of us who do take this important step in financial planning tend to use that money too early, especially, when the family is in financial trouble. Despite the fact that we continue to strive for more equality for us in the workplace, we continue to miss out on opportunities to prepare for our retirement years.
Why Retirement Planning is Important
If you retire at 65, you could have up to 25 or 35 years of retirement ahead of you. These days, very few women are investing in preparation for these so-called relaxation years, and over half of us women will end up working long after the age of 65. And those who do retire often find it difficult to maintain a high quality of life because the cost of living increases at a higher rate than our returns.
For some women, retirement and financial planning isn't considered a top priority, whether it's because we consider ourselves too busy or we intend to share in the support and long-term planning of a spouse or other long-term partner. The reality is that half of all marriages fail, and oftentimes to catastrophic financial damages. Even if a couple does make it to the "golden years" together, it is considered unwise financial planning to put all our eggs in one basket, so to speak. With two retirement funds, most couples will be better off over the long term, whether they are still together or separated when the time for retirement hits.
How Women Can Prepare for Retirement
Part of the problem for many of us is that we don't know where to start with our financial future. The financial world can be complicated to navigate, and many of us suffer from a misapprehension that we might be discriminated against based on our gender (hence, Femvestorsglobal was formed!)
With the right financial advisor, this will never be the case. The best thing any of us can do is to educate ourselves and start small. As you learn more and start to build relationships with our team, you can start investing in bigger things and making more informed money choices.
To start out, you should be making full use of your employer's retirement program. This will stand you in good stead later, but don't depend only on this. Investing in low risk index funds is an excellent way for women to get started in investing. These lock your money in for a specific term, which is perfect if you can't handle the temptation of having money in the bank.
Thanks to advances in technology and financial options, there are a number of investment options that women can take part in. We support and educate you and help you choose the methods that work best for you and your family. This is an important part of planning for your financial future and will make all the difference when the time comes to retire and start enjoying those golden years with those you love.
Article Source: https://EzineArticles.com/expert/Wesley_Watkis/362080
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