Women struggle to save for retirement. In fact, only 12% of working women are very confident that they will have a comfortable retirement. In case, women are forced into retirement sooner than expected, 64% of them do not have a backup plan for retirement income.
These are just select findings from a recent survey by Transamerica that tells us one thing, women need to improve their retirement outlook and they need to do it fast.
The good news is that women can start doing small things that when done all together can add up to big improvements in their retirement preparedness. Retirement needs are unique for every woman, but the financial tools and products to achieve comfortable retirement are common to all women.
For this month’s roundup, we’ve curated five articles that provide best retirement investments and solutions on the struggle of women in achieving a more secure retirement.
Should Single Women Buy Long Term Care Insurance?
Emma Johnson is firm in her clamor to even out the playing field when it comes to wage, saving money and investing. In addition to closing out these gaps that are very much prevalent today, she is also keen on managing expensive long-term care expenses an avoiding becoming a burden on adult children through long-term care insurance. According to her, women need long-term care insurance to be independent and maintain the quality of life when the time comes they can no longer take care of themselves. It is one of the best retirement investments that women can make in 2018.
Read Next: Long-term care insurance Definition, Policy Features, Benefits and More
Listen to These 5 Women Personal Finance Bloggers Now
In line with Women’s Day, BudgetBakers.com created a list of 5 top women bloggers in the personal finance space. If you need inspiration on how to make the best financial decisions, better lend your ear to these women bloggers now. In no particular order, let’s get to know them better.
- Chelsea Fagan of The Financial Diet writes about no-nonsense advice and personal experiences of millennials. Her style of writing gives readers a hope that there’s still a way to make up for their past financial mistakes.
- Paula Pant of Afford Anything helps women and men make better decisions and improve their habits to help them reach their lifestyle goals.
- Farnoosh Torabi of the So Money Podcast digs deeper to uncover psychological or emotional blocks that might be hindering you from achieving your goals.
- Anna Newell of Jones of And Then We Saved has helped her followers save over $2,250,000 through her three-step plan to deal with debt. She is determined to motivate and support her readers without feeling deprived while saving money.
- LaTisha Styles of Young Finances helps young people start a business or side hustles and earn more money. She used her past experiences of not being able to find a job even after holding two masters degrees to start a blog to help personal finance newbies.
13 Smart Retirement Moves for Women
Cheapism.com shares smart retirement moves that women should take advantage now from planning to long-term needs, negotiating retirement funds in a divorce, setting up automatic transfers to your retirement account to opening a spousal IRA.
You can have your own retirement savings even if you’re a stay-at-home mom through spousal IRA. In order to open a spousal IRA, you must be married and filing a joint tax return. However, it is not a joint account. It is an IRA exclusive to the spouse of the working individual.
Related: 5 Things You Should Do Before Retiring
Being Single is an Asset When Saving for Retirement
Jenny of GoodLifeBetter.com shares her insights on how to turn things around for single women planning for retirement. Headlines highlighting the struggles of single women saving for retirement aren’t necessarily wrong according to her but there’s also a silver lining to being single.
Being single is an advantage for Jenny. She sees it as being flexible and being able to react without the need of accommodating the needs of a partner. She shares tips like increasing earnings by asking for raises, get a roommate, move to somewhere less expensive and more.
Jenny has done it and so can you by following her tips here.
18 Business Ideas For Women in 2018
Di Downie shares a list of 18 business ideas for women in 2018, which can help women pursue their dreams and passions and turn them into a successful career option. Some business opportunities women can try are social media consulting, healthy fast food, affiliate marketing business, accounting and bookkeeping and more.
These business ideas can help women earn more money and live their preferred lifestyle during retirement. They can also opt to continue their career and do any of Di Downie’s business ideas as their side hustles.
Great blog Samantha, great information and thankyou for including my 18 ideas for 2018.
Thanks for highlighting my post about single women saving for retirement!
What a cool mention. I’ve been following Di Downie and she’s really helped me create a solid foundation in… me. That’s helped me develop my business in many ways.
Thank you for covering this important topic! Women can be overwhelmed by day-to-day finances, focused on caring for others. We need to make sure that first, ourselves and our futures are taken care of.