Women have specific realities to factor into financial planning. You should be aware that you are likely to live seven years beyond your male counterparts. Women need bigger retirement savings because they live longer after retirement. At the same time, raising children or caring for aging parents may take you out of the workforce for a time, resulting in fewer years in a pension plan or lower contributions to an IRA or 401(k).
Evaluate your circumstances and then get very precise about creating a plan to achieve your goals. The clearer you can be about what you want, the simpler it will be to chart a course to get there. It is easier to stay focused on your financial objectives when you establish a plan to pursue them.
It's easier to stay focused on your financial objectives when you establish a plan to pursue them. Here's what your plan should include:
The 360 Degrees of Financial Literacy Web site offers general information for managing personal finances and does not recommend specific financial actions. For financial advice tailored to your situation, please contact an expert such as a CPA or a personal financial advisor.