Your investment goals change as life changes.
In your 20s, you are starting a new career or looking for one. In your 30s you begin to settle down, maybe get married, have kids and buy a home.
Then come your 40s, when you are looking at retirement more closely, saving for your kids’ college and searching for ways to make your money work for you.
If you’ve reached that point, the money you are earning or already have earned must be put to work to fund future plans.
Here are a few recommendations:
Check out my article at Bankrate.com for the full list of recommendations!
This story was originally published by Investopedia.com on April 25, 2012
The 2012 “Women: Let’s Talk About Retirement 12th Annual Transamerica Retirement Survey” found thatout of more than 1,800 women workers, 53% expect to self-fund their retirement through 401(k)s, 403(b)s, IRAs or outside savings and investments. Thirty-one percent expect to rely on Social Security. However, a huge disparity exists between younger and older women. Sixty percent of women in their 60s expect to rely on Social Security, while 77% of women in their 20s expect to self-fund. Most women are aware that they are not building a large enough nest egg. Only 8% strongly agree that they are building a large enough retirement nest egg compared to 33% who strongly disagree. Women are as statistically likely as men to report they have been offered (44% vs. 51%) and contribute to (36 % vs. 41%) a workplace retirement savings plan according to the 2012 “Retirement Confidence Survey (RCS).”
However, 60% of women are more likely than 52% of men to indicate they have not tried to calculate how much they will need to have saved by the time they retire. This is a scary prospect, but luckily there are many retirement calculators available to help women take the first step to proper retirement planning. The key is to know how much you’ll need. The RCS reports that women are more likely to say they do not know how much they will need to save (12% vs. 7%). Since women tend to face higher healthcare expenses in retirement due to living longer than men, women need to pay close attention to planning for their retirement.
Read more: http://www.investopedia.com/financial-edge/0412/scary-statistics-about-retirement-for-women.aspx#ixzz27OKLN4oZ
You’ve probably heard the motto “Knowledge is power”. Well, when it comes to our personal finances this motto couldn’t be more factual. Knowing the details of our finances and how it can affect us and our families now and into the future will play an important role in how happy we are with our lives. However, many of us don’t know how to get started or what resources are available to help us put our monies in order.
My goal is to provide you with the best-researched information on everything from setting up a simple budget to how to research companies you are planning to buy stock from. I, along with you, will learn new things in my quest to provide you with great information. That’s the beauty of life. Learning for us never stops, we are always evolving and getting better. As we gain the knowledge that will enable us to lead stable financial lives, we will also gain power, the power to make solid decisions with our money. So, lets get that knowledge and get better together.
Ana Gonzalez Ribeiro, MBA,PDMM