Published : Tuesday, 22 Jan 2013, 12:40 PM EST
GRAND RAPIDS, Mich. (WOOD) - Many women are at a point in their lives where they are starting to think about planning for their future. But, when it comes to retirement, there are different battles for women than there are men. Jeff Gray of State Farm Insurance has some insights on helping women through some of the obstacles they face.
1. There are a couple of hurdles women face when it comes to retirement. Women on average work around 27 years while men work 40 years, so that means women have far less to invest in retirement. The other problem is that women tend to earn less than men, which also leaves them with less to invest.
2. There are some ways that women can combat this problem. Take advantage of the wealth of books and websites that are available for retirement planning. You can do almost everything you need online with financial calculators that are available. Another answer is to partner with a licensed professional who has the experience to mentor, coach and teach you through this process. Together you can assess not only maintaining your lifestyle in retirement, but also how you feel about the right amount of risk to take with your investments.
3. When it comes to retirement goals, women need to be realistic. Think about who will be a part of your life and what role they will play? Will you want to travel? What is your health history? All these impact the planning process and planning ahead means you have choices and options rather than demands.
4. We all have a million things to draw our attention. From our job, to our kids, our friends to our church, whatever it is, we can’t let the distractions keep us from developing a budget for our nest egg.
5. Have a number in mind that represents a realistic spending number you’ll need to live on in retirement. Eliminate any high interest rate loans and never do payday checking loans. Don't be afraid of the stock market. The market has risks, but investments are a better way to earn money over the long haul.
If you need outside help, make sure you pick someone who will listen and provide good options that fit who you are. For more information or to schedule an appointment, contact Jeff Gray.
Jeff Gray - State Farm Insurance
5180 Kalamazoo Ave SE
Grand Rapids, MI 49508