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Four retirement planning strategies for women

by , 22 September 2014

When it comes to saving for retirement, women often feel less prepared than men. Retirement planning is especially difficult for women, since they must work harder to secure the same pension and benefits as men.

How can women better prepare for retirement in order to live comfortably and be financially secure during their golden years?

Here are four retirement strategies that women should consider.
 
 1. Get involved in your retirement planning
 
When it comes to financial and retirement planning, some women have no idea what their strategies are and leave everything in the hands of their spouses.
 
However, should something happen, such women would not be able to understand their financial situation and would have no idea where they are situated in terms of retirement savings.
 
It’s important to become actively involved in retiremetn planning, even if your husband usually takes care of all financial issues in the household. Your future depends on it.
 
2. Rethink your career
 
If you’re still young and have time to change your career direction, do it now. Find something that allows you to increase your retirement savings or continue working part-time well into your retirement.
 
If you’re already approaching retirement, you can find ways to make extra money by using your skills and talents. If you’re a good communicator with people skills, consider a part-time job as a customer service agent or a virtual assistant.
 
There are many ways to increase your income even well into your retirement; all you have to do is stay active and put your expertise to good use.
 
3. Find a financial advisor you can trust
 
If financial planning is not your strong point and you have not idea how to strategically plan for retirement, find a financial advisor who can guide you in the right direction.
 
It’s important to find someone that you can fully trust with your life savings, who can help you coe up with an efficient savings and investment plan. Again, try to stay involved in the process and know what is going on with your finances, even if you’re accustomed to letting your spouse handle financial issues.
 
4.   Pay yourself first
 
Women are more likely to spend money on their children and spouses than invest in retirement savings. But if you make a habit of paying yourself first – that is contributing to your retirement savings right after receiving your paycheck or setting up automated deposits – you can significantly increase your chances of retiring comfortably.

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In the new report The top business ideas for retirees I’ve included the top 5 business ideas suitable for retires such as:

• Run your own tutoring business: One of the jobs that can be started with low investments and little efforts is online or offline tutoring.

• Catering business: Why not turn your passion for cooking into a business? A business born out of passion will always have more chances of success, since you’ll be engaging in an activity you enjoy. And, as long as you put your inner creativity to good use, there’s no reason why a culinary business couldn’t thrive and become a prosperous venture.

• And three more…

Click here to find out more
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Four retirement planning strategies for women
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