We are women, hear us roar… We have some tips to help you save more! For your retirement that is. Did you know that more than two-thirds of women in the United States have either no savings for retirement and that even if they did it’s currently less than $10,000? When you consider the fact that there are more than 122 million women over the age of 18 in the United States, that statistic looks a little bleak!
We’ve put together a few useful tips to help ensure you don’t become a statistic yourself.
Match Retirement Contributions
Most companies provide their employees with a 401k or other type of retirement package. They will usually contribute a percentage of your pay towards your retirement plan that will gradually build up into the coveted nest egg you’ve always dreamed of. However, there is a way to maximize that amount for your future.
Whether you’re setting up your very first 401k or you’ve had one since the dawn of time (also known as your first REAL job), you should always make it a point to match the contribution provided by your employer. Twice the money in the same amount of time is always a good thing and your future self will thank you.
Reconsider Your Financial Priorities
Instant gratification has become the norm as of late, which in turn causes a lot of disappointment down the road. This statement is true for so many different things, but of course right now we’re talking about retirement. Everyone has to retire sometime and you don’t want to get a few years into your retirement and wish you had re-considered your priorities when it came to finances.
Instead of splurging on that new pair of boots or a new car when your current mode of transportation is more than sufficient, take a moment to think. Wouldn’t you rather have that money later on down the road when you’re unable to earn a living? If you have that extra cash lying around and are feeling tempted, throw it into your retirement fund instead.
Get in Touch with Your Own Mortality
We all know that women mature faster than men in our early years, but did you know that we will still live longer than men? Even though it’s really only about two years longer on average, just think of all the expenses that you might have during those two years. This is why it’s so important for women to put just as much effort and attention into planning their retirement than our male counterparts.
No matter how far along you are in life, it’s never too early to start planning for your retirement. The earlier you start, the more comfortable you will be able to live once the time comes. If you’re not sure where to start, let us help you help your future self!