As a woman, you might find yourself so committed to those you care about, your career, or other life obligations, that you don’t take the time to look out for your own best interests. When it comes to retirement planning, however, it’s vital that you make yourself the priority. Here we discuss the most common reasons women delay financial preparations for their retirement and offer advice on how to overcome these obstacles.
1) “I Keep Procrastinating”
As with most things in life, getting started can be the most difficult step. That said, it is rewarding and liberating once you take charge.
Studies prove that people with healthy money attitudes often have:
- Stronger self-confidence.
- Greater life opportunities.
- More financial freedom for themselves and their families.
- Less stress.
- Healthier relationships with loved ones.
The time you invest can enhance your finances and your life enjoyment.
2) “My Partner Takes Care of Our Finances”
While women are becoming more involved in household finances, men still commonly take the lead. Dividing and conquering works well for many things in a relationship. However, this shouldn’t include your financial decision-making. You should always have an active role. The choices you make must support your joint goals, but also align with your individual financial objectives.
Getting involved has immediate benefits. It also prepares you for potential life events. In the event of divorce or your partner’s death, it’s important to recognize that you will be responsible for handling your finances and retirement. Being knowledgeable about your finances reduces likely stress or possible mistakes. Matters that you should be involved in now include:
- Knowing the totality of your household assets and liabilities.
- Identifying what accounts you can access if you need to step into managing your household finances.
- Participating in all financial planning efforts to understand your financial security and preparedness for retirement/other goals.
3) “I Need to Support My Kids First”
Many well-intentioned parents put their own retirement savings on hold to prioritize their children’s education. Education can be the best gift you can give to a child. However, you can’t lose sight of or ignore your goals and financial security. College can be financed, but your retirement can’t. You need to understand your financial standing and savings needs as part of any education funding decisions.
4) “I’m Too Busy”
Don’t let today’s busy lifestyle sidetrack you from tomorrow’s needs and opportunities. Stay focused on your end goal – a comfortable retirement. Consider the fact that taking time now to prepare for retirement could save you years of having to work longer if you don’t. Remember that you can always hire a financial advisor to help you get started and stay on track.
5) “I Don’t Know Enough About Investing”
While it’s important to save money, it’s also essential to invest it for the long-term. Few people have the ability to save for retirement and other goals without capturing investment gains to grow your assets.
Knowing how to invest entails a number of considerations. These include:
- Knowing how much investment growth you need to achieve to reach your goals.
- Understanding your risk tolerance to weather market ups and downs.
- Selecting specific investments.
If you feel overwhelmed, working with a financial advisor could be beneficial. Advisors can help you piece all of these considerations together. They help you to get started and to ensure you stay on course toward your goals.
SageVest Wealth Management helps individuals with all aspects of their personal finances. We offer the guidance and assistance you need. As a woman-owned firm, we know how to relate to women in achieving their objectives with the knowledge they deserve.
