Retirement gifts for women
Women over 50 have been neglecting planning their retirement. You spend time searching online for retirement gifts for other women.
What about a gift for yourself?
Your friends are getting to the point of retirement. You know retirement is going to happen. OK, so you just didn’t plan for your own retirement.
Women over 50 really are neglecting to make retirement plans?
- How can American women not be ready for their retirement?
- Why are single women not getting ready for retirement?
- Will you be ready for your retirement?
- Are Baby Boomers are not getting ready for their retirement?
Ladies, you must help yourselves
As you began to realize how unprepared you are for this time in your life? Do you get a bit panicked?
Will you be finding out that you will be getting poorer as you get older? Just because women live longer than men?
Duh! Not a new fact, just the relevance of this to you and your retirement. If planning has not entered the picture before, you haven’t considered the result of this change for yourself.
Most standard retirement plans use guidelines set up for men. They do not live as long as women, so they need less in total savings.
80% of women will live out their later years alone.
As a spouse, you will be expected to live out these remaining years on income that will have to be stretched farther than it was designed to stretch. Hear that pop?
That stretch can easily catch up with you. (This is according to the Department of Labor’s statics.)
For a single woman, most retirement plans use the guidelines for a man.
Some have a slight curve, but more a slight nod to making the retirement program appear more in line with today’s thinking. Not an actual attempt to help women make better choices.
The fact is that most plans are designed to maximize a man’s retirement.
This results in little attention to the gender difference.
Then when you add the single aspect to the picture, where a woman has not had a lifetime to partner with a spouse to save and prepare for the retirement years? You have a great deal of room for anxiety.
Point in mind- when I googled this information and used the words “Are single women ready for retirement” I found 1,940 results.
When I checked for “retirement gifts for women” I found 11,100,000! Is that not a bit ironic? Millions searching for gift ideas, but less than 2000 searching for a way to make the most of the savings when this does happen.
Now, do you really believe that the statements that you find in most planning articles are true? Women really have not planned, especially the baby boomer generation.
Experiences have proved that retirement is a bumpy road.
With no retirement plans.
Most of my friends and family had planned retirement with the husband’s earnings as the baseline. Almost an indifference to the fact that most wives were working.
Wives salaries were used to “make ends meet”, but not used in retirement planning. What kind of madness is this?
How can they maintain lifestyles? If both incomes are needed to make ends meet?
You both are working? You know for sure that salary should be used for calculations to this part of planning.
There are so many things to deal with during the retirement time in your life. Having to live day to day with money worries? Concerned that you don’t have enough savings to last during these years?
New results show that the present generation, the ones retiring now, are depending on Social Security income more than ever. Newer retirees are planning to add a smaller amount of savings to the Social Security income. This means less money for monthly expenses.
You may live longer than your money will last.
The fact that you do not have enough money, will take a great deal of the joy out of this time in your life.
Financial planning is so very important and should be attended immediately.
I would not pretend to offer solutions for you in your situation.
I just know what I did to get started.
- At the very least you should have a plan.
- It needs to be written down.
- You need to talk to family and friends about your decisions.
- Tell them how you plan to reach the goals you have set for yourself.
- You, most of all must get your head out of the clouds and pay attention that these goals are met.
- When you are a single woman, you must have plans take you through.
- If you are going to need to sell your home, start planning so the emotional end of the change is not so difficult to deal with.
- Will it take a move into a downsized home to make your budget goals?
- You need to make this decision before time to sell.
- Pay down, and pay off personal debts.
Medical costs are skyrocketing and will continue to do so, predict experts.
- You will have medicare monthly premiums to deduct from your social security check
- Will you need a supplement policy for the 20% it does not pay?
- Then you will need a prescription policy
When you have these 3 insurance policies in place, can you began to accurately budget your money.
Well over half the bankruptcy declared in the US are related to medical bills!
I know you are only 51. Why am I talking like you are already retired and penniless? Do you plan to continue not planning your retirement?
Talk about insanity.
Because it can happen in the blink of an eye.
The saying may be that “age creeps up on you.” Do not believe it. It jumps on you when you are not looking, out of the blue. No creeping involved. It happens quickly.
Your planning needs to happen with the consideration of the fact that as a female you will probably live into your late 80’s. It could be longer as well.
Your working years can be cut short due to illness, your own or a member of your family. One that you will have to take the responsibility for caring for.
All too often this part of the problem is left to the females of the family.
You can lose your job
Stranger things have happened.
If you have the same lack of foresight as I’ve had, you are now getting closer to retirement age, as well as finally realizing how unprepared you are.
I was not making plans to live 25 years not being able to earn money.
I just was not planning anything, just kind of going along.
Plans can’t cover every eventuality
Plans can go a long way in making you aware of what is possible. Will also alert you to what can not be done.
Sharing these goals and plans, with family and friends, will also help in making them aware of how they can help you. Most families are usually very supportive and want you to do this well.
With a plan, you will know if you can really afford that snazzy car, or do you need to be less impulsive and more realistic in your spending habits.
Vacations are important. You do deserve a break, but not at the risk of your retirement being spent in financial hardship. To not be able to provide the basics for yourself.
Do you really want to have that independence in retirement?
Not being dependent on anyone for money? Great.
We all do.
Just make yourself know what the future holds for you.
Has your lack of planning has become a lifestyle?
Getting a plan will help as you develop control.
Know what you should be doing?
This will go a long way in helping form the restraint needed to make any kind of plan become reality.
Are you going to have to move from a more expensive inner city lifestyle? Make a move to a more conservative less expensive way of living in a small town? Or in another area of the country?
These are things that take planning and need time to execute.
Having a plan will help with the decision to fund your kids education fully yourself. Or will you need to help find alternatives? This might include having that child work part-time to help. That is alright.
They are maturing and will accept their part of the responsibility when they understand the goals.
You are the one who is stuck with the other way of thinking you have to do everything.
We all want what is best for our children. We do not want to see them saddled with debt upon graduation from college.
I do get that.
However, don’t do this if funding this college education puts you at risk financially. You are burdening them with the knowledge that they may need to help support you later in life. Either way, you may be indebting them for the future.
This knowledge of the cost of their education is also a financial burden. Maybe not recognizable as such, but one the child must bear.
They also have the guilt of knowing that the insecurity you will face as you age was because you sacrificed for them.
We all want to take care of our families
When does “taking care of” become a burden? When you can not afford it! That is when.
So as your looking forward to birthdays and the holiday season, what are your plans for how you spend your money?
Have you been spending more time thinking about retirement gifts for women than your retirement?
Do you plan to put gifts you can’t really afford on-lay-a-way through the shopping season? Only to have to use your credit card to get them out?
You are spending money you do not have. This comes with a fee.
Or will you, at least, write down some goals?
Some plans that you can start working through to ensure that retirement is what you wanted it to be?
Check out your estimated monthly social security checks using the calculator from the Social Security Department, here in this article, “Working Part TimeYour New Retirement Plan?” access it here.
Do not forget to deduct the insurance premiums for the amount you will be receiving.
You will have a base to work from to be able to start the evaluation of where you are and what you can do.
- Knowledge is the best motivator you can have.
- Planning is not in vain.
- The retirement mindset is a tricky thing.
- The adjustments are many.
- To retire thinking you will be able to do things you can’t afford is a great disillusionment.
Start with your plan of how much money you have to live on at this time in your life.
Make the mental adjustment to reality.
Find some of the things you can afford. Make your plans to enjoy retirement, but done with the budget in mind.
You may not be able to sail the seas on unlimited adventures. But you can find many activities to make your days fulfilling and rewarding.
The difference is to plan so that you are aware of your options. You are able to start building these interests in your life now.
You will not be disappointed by thinking that you will be able to do things you can not. If you plan and work with some ideas now, you will enter retirement ready for a full, satisfying time in retirement.
Start with the ideas for activities that will be fun and interesting now.
There is not a quick fix. However, once the mind is on the task at hand, your retirement and making it a good time in your life, you will be on the way.
Awareness goes a long way in achieving this desired result.
Keeping an eye on budgets and expenses will be the jumpstart to your plan. Planning your retirement will be more fun than searching for retirement gifts for women.
- You are in charge.
- This is your retirement.
- Make it successful.
- Plan your time now.
- You can do it.
Dept of Labor