Women & Retirement- Takeaways

By Andrea Young on April 18, 2023

Retirement used to be a word associated with growing old and settling down. But people are living longer, more active lives. We were so grateful to Sharon Carson of J.P. Morgan for leading our April discussion about the importance of retirement planning, particularly for women. Women generally lack confidence regarding retirement planning, so working with an advisor can help you set and work towards your goals. 

Have a purpose with your planning

When you look ahead to your retirement, try to envision what that will look like. Many want to continue to live active lifestyles in their older years, so their retirement may include traveling. Some may want to downsize and save their wealth for the next generation or charitable giving. Whatever your goals are, you need to plan financially for them, so knowing your purpose can help guide your planning. 

Build in costs to your retirement plan

As we age, health issues can arise, and with that comes increased healthcare costs. Although it can be virtually impossible to predict our health in the future, it’s wise to think ahead and factor in costs such as health insurance or long-term care into your planning.   

Work with a financial advisor

Retirement planning can feel overwhelming. You are trying to plan for a life that might be 30 years away, so how could you possibly know what that will look like? That’s why having a financial advisor assisting you is vital. They can use their experience and knowledge to help you align your portfolio with your goals, as well as help you avoid tax implications in certain instances. 

Additional Resources

Actuaries Longevity Illustrator- www.longevityillustrator.org

Medicare Website- www.medicare.gov

Social Security Website – www.ssa.gov

Health Insurance Marketplace- www.healthcare.gov

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