Retirement planning for women


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Retirement planning for women

  1. 1. ==== ====Learn about how to save for retirement and get access to a millionaire by retirement Excelspreadsheet at: ====I had an opportunity interview one of my good friends on Retirement Planning For Women. Myfriend, Beth Siegel, works for a large investment company and has been an investmentrepresentative for approximately 20 years +. She gave me an opportunity to interview her and Ifound that she made an outstanding speaker on advice for women on how to save for theirretirement.Here are the tips and a brief outline from what Siegel had to say about retirement investing forwomen:First women must understand that Investing is emotional. It is tied to our mindset and sometimeswe dont plan far enough ahead for very personal reasons that can often be self-defeating. If youare one of those people then seek out advice from other women who have made the retirementdecision to plan ahead.Tie your savings and retirement goals to your personal goals. Examine what you believe yourhealth may (or may not) be and whether or not the swimming or golfing or running a marathongoals are realistic and achievable in your retirement.The 50-60 age group is deciding if they want to change careers, change their life goals, or stay inwhat they are doing right now. They are at that midway place in their lives where they are planningfor their long-term goals.Women need 20% more than men to retire because they are living approx. seven years longerthan men.Women tend to invest more conservatively than men because they fear losing their money.- Instead of fearing losing their money, women REALLY NEED TO focus on whether they will runout of money. Siegel said that this should be their biggest fear instead.- If you are too conservative with your investing then your savings wont keep up with inflation.- Youll need 7.5-9% per year to retire.- A diversified portfolio is the best and sticking with that is important!- Currently, you can look to Social Security to provide about 12% of your retirement income. Thatsabout a tip for dinner.- Can you afford to count on living on tip income?- Be involved in setting aside money.Regular IRA - Tax-free, but limitations in contributions are only $6,000.00 per year. If you have a
  2. 2. company that pays retirement match, put the max amount in because that is free money to you.For the self-employed there is opportunity to invest up to $40,000.00 per year from your grossincome.- This is possible because your company puts the money in for you (individual 401K).- SEP - individual plan is calculated on net income and the savings is less than a 401K.For employers with employees who work less than 20 hours per week, there are regular 401Koptions - ask a payroll company or advisor for more information on these plans.- Safe Harbor Plans avoid age and wage restrictions and you can save the maximum amount ofmoney.If you have a windfall of money there is no real way to avoid paying taxes on it, so be smart withyour goals and what your plans are for that money so that it lasts for you. Seek advice if you reallydont have a clue.- Be smart about what you get because most people go through a windfall in two years.- Control your destiny with your good choices.Siegel told me that she thought that the next bubble would be in commodities, and that real estateinvestments (in the last 200 years) averaged 5%.- Dont try to time the market -- Wait it out.- Most people with a portfolio look better than the market, so dont watch the market to predict yourportfolio.Siegel informed me that hedge funds will sell their portfolios back to the banks to pay their debtand there were huge corrections that happened in the marketplace as a result. Siegel says that iswhat was driving the market.Siegel explained that are three cash strategies:1. Long-term: If you have long-term goals, have your money working long-term.2 & 3. Short-Term and Cash Flow: Plan your strategy and work your goals and plans around yourlifestyle and what you need and want to happen. Plan for that money.Siegel highly recommended, "Business Week Magazine," and the book, "Wall Street JournalComplete Money & Investing guidebook," by Dave Kansas - Used & new $4.55-$10.00.And when it comes to retirement planning by watching the news, she had this to say,... "Watch the6:30 news program on public TV for information, and dont watch the media hype for moneyinformation." She continued saying, "TV media hype is slanted, biased and mostly (just plain)ignorant."So, when you plan for your retirement take these tips into consideration. That way the twentyyears you hadnt planned on getting wont have you looking for a job at your local fast foodrestaurant.For more business tips and advice check out my website here
  3. 3. For anyone - Both male or female, you cannot overlook the opportunity to start your own business.It is an true way to gain tax advantages, increase your savings and plan for your retirement. Realtips from a real business woman on how to find cash to start your own business are right here: Source: ====Learn about how to save for retirement and get access to a millionaire by retirement Excelspreadsheet at: ====