By financen | June 7, 2017 - 4:30 pm - Posted in Retirement

Retirement planning is a necessary part of our life, which you can’t deny even if you want to. But there is a lot of difference in the mindset when comes men vs. women. In fact, these differences have been extended to the point where, retirement planning is far more contrary than the other usual things.

For so many reasons, taking care of the financial issues might actually seem a tough battle for the women to deal with. It is quite common for the men to reflect their interests in making a fund for their retirement days. On the other hand, only 56% of the American women are showing their interests in managing their retirement savings.

Here are some finance tips to plan your retirement effectively.

The Gender Disparities:

Saving for the retirement might become a little tricky for the women due to the gender disparities. The availing gender pay gap of the society is one of the main reasons why women find it hard to save some money for their future. Women are more likely to earn less than the men, in spite of doing the same work. Thus, the opportunity of making a saving also drifts away from them.

Another prominent reason for the women to find fewer opportunities to save some money is that they need more time off from their work to take care of their children and family. So, the overall time the women have in their hand is quite small to achieve big things in life.

Retirement-Planning

Fear of the Stock Market:

When it comes to have a complete discussion about Women and Retirement, one simply cannot skip the fact that all the women have a general fear about the stock market. By avoiding the stock market, which can offer you with a good amount of return over the time, you are floating away from your goals to raise a fund for the retirement.

In order to get rid of the unnecessary fear of the stock market, you can think about investing in those mutual-funds where the chances of getting a higher return are assured.

Carrier Choices:

It is quite common among the women to switch their jobs between their 20s and 60s. Sticking to a particular field might not be an option for the women, but before switching your job, doesn’t forget to look at the benefits your employer is offering. Most of the large companies offer benefits like health insurance, benefits planning or something like that.

Retirement planning for women

Happy senior couple walking on beach

A Retirement Guide for the Women:

In order to spend the days of your retirement peacefully, you need to have a proper planning to make your future safe and secured. Just follow this following retirement guide to stay benefited.

Contribute to the Retirement Plan:- If your employer is offering you with a retirement plan, then think about contributing your share in it too. This is indeed a great way to know that where your hard earned money is going.

Avoid Getting an Early Retirement:- Women are more likely to live longer than the men, so taking an early retirement should never be the option for them to choose. Thus, evaluating your financial condition is the one and only option in front of you. This technique will help you in understanding the exact time for you to take a long break from work.

Take Help from the Professionals: If you are not sure about this whole retirement planning then, don’t hesitate to take the professional help. Women are often found to have less confidence about handling the financial issues, thus taking help from a planner can solve all their problems. A professional can help to understand all the risks associated with the stock market. This can also make them confident enough to face all the impending challenges of their life.

Retirement is that stage of time when you need to have an effective plan to spend your future without being bothered about the cash flow. Women and Retirement do not go too well together due to the fear of not understanding the financial world properly.

Women have a number of duties to perform, throughout her life. In making everyone’s dream come true, often the women folk forget to take care of the necessities of their life, like- retirement planning. With the help of the above mentioned points, it would be easier for the women to understand those things which are stopping them to spend some magnificent days of retirement. Think about taking an expert advice, if you are finding it hard to manage the whole situation.

Passion for helping people to make solid financial decisions motivated Jenni to start her own personal finance blog. She writes about personal finance, money management and frugality.

Related Articles:

https://en.wikipedia.org/wiki/Retirement_planning

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By financen | February 4, 2017 - 5:03 pm - Posted in Pension, Retirement

There is a time in life when everyone retires and starts a new lease of life. They go through a transition from lifetime of work to getting a respite.  In his retired life, he enjoys even the small pleasures of life which was otherwise always left in the backburner. Life begins at retirement but to sustain during this period and not depend on anyone else, one has to invest wisely into retirement plans. This way they can financially secure themselves and enjoy the golden years ahead in their life.

Once you invest in a retirement plan, there is a regular flow of pension money for him and his family and he gets the flexibility in choosing the retirement date and mode in which he receives the pension amount. There are certain things to keep in mind when capitalizing for the retirement plans.

It is very important to invest in a retirement plan at the earliest so that you can enjoy all the benefits after retirement.

Retirement age is the time when one decides to end the accumulation phase of money and make a transit to income phase and is largely based on the age of the person.

It is important to understand how much you will need as a pension amount  and the premium cost that you can afford.

PensionYou should calculate the medical costs or holiday costs before investing and map the income according to the current lifestyle  of the individual.

  • Different types of retirement plans:

There are different types of retirement plans offered by the insurance companies in India, some of them offer fixed returns and minimal deviation, while in other, the fund is invested in equity or debt funds. In this, the returns depend on the market trend.

Deferred Annuity plans : You start paying the premium while at work for a few years and when you retire, you start receiving the pension.

Immediate Annuity plan : This is best for people who have lumpsum cash. You start receiving pension from the day you make the payment.

You must check the investment returns and rates offered by different insurance companies. You can plan your retirement process efficiently if you determine the tax status.

Pension plans are best suitable for senior citizens in the family. It offers emotional and financial stability so that you don’t have to compromise on the best things in life. It also gives double benefit of insurance and pension. Be educated about the best retirement and pension plans available in the market. You can compare the different quotes in the market before finalizing with any insurance company. This will save both your time and money.

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By financen | July 10, 2016 - 6:28 pm - Posted in Retirement

Almost every working person looks forward to the day when they will be able to retire. Even if you love your job, you probably don’t love some aspects of it. Some people also have specific plans for retirement, whether it be going fishing, traveling, moving closer to family, or just relaxing with the grandchildren for years to come. You can make sure that you’re financially, emotionally, and physically prepared for your retirement by following these helpful tips.

First of all, make sure that you are financially ready to give up your job. If you’ve been planning, you should already have a decent-sized next egg saved up. If you still need to work on that, try to find a boutique asset management firm like Sharia Portfolio to help you save while keeping in mind your moral and ethical stances. Don’t try to go it alone. Instead, get help and financial guidance from experts. Your should not take risks with your investments once you get close to retirement age, but should stick to safer things like bonds.

Next, make sure that you are emotionally prepared for retirement. Even if you’ve been looking forward to it for years, it can be a dramatic shift to all of a sudden no longer need to wake up for work each day. Find a hobby to keep yourself busy, or, better yet, find a greater purpose to work towards. You can use the skills you can learned in the workforce to give back to your community by volunteering. Don’t get complacent, which can unfortunately lead to depression in retired individuals.

Finally, make sure that you are physically fit enough to enjoy your retirement. See your doctor for a regular checkup and follow his or her instructions and advice. You’ve worked for years, don’t let physical problems get in the way of your enjoying your deserved time off. Stay physically active and you’ll live longer and have a better life with more energy. Physical activity also helps to prevent depression, especially in older individuals. If you’re just starting out, try taking long walks after dinner to get your body moving.

You deserve to have your golden years full of happiness and relaxation. Luckily, with proper planning you can have the retirement you deserve. Plan for your financial, emotional, and physical health, and you will thrive.

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By financen | November 9, 2014 - 8:20 pm - Posted in Money and Banking, Retirement

You’ve worked hard every day for decades, so you’re ready to relax and enjoy your retirement years. Retirement is a great time to focus on your interests and spend time with the people you love the most. However, unexpected expenses and higher costs can sometimes affect your retirement plans. If you’re looking for extra money, consider these ideas that work well during retirement.

  • Put Your Passion to Work

You’re done working full-time, but that doesn’t mean you can’t bring in any income during retirement. In fact, you won’t even feel like you’re working at all if you put one of your interests or passions to work.

For instance, if you miss being around your grandchildren, you can earn some extra cash babysitting for local families on weekends. If your friends and family members rave about your cheesecakes, try offering some for sale during the next holiday season.

  • Consider Reverse Mortgages

A reverse mortgage is a type of loan that was specially created for seniors in their retirement years. When you sign up for this type of loan, you will receive money each month instead of having to make a mortgage payment.

Best of all, you don’t have to make any payments as long as you continue residing in that home, and your Social Security and Medicare benefits will not be affected by the money that you are receiving.

Many borrowers love the peace of mind that comes from knowing they no longer have to make mortgage payments, and this brings a significant amount of money back into your monthly budget. money

  • Reduce Expenses

Finally, you can keep more money in your pocket each month simply by reducing your expenses. You want to be able to enjoy your life, but you can likely find some budget areas to trim while still maintaining your standard of living.

Start by taking a look at your recurring monthly expenses. Maybe you can reduce your cable bill to a more basic plan or cut long distance calls from your home phone since you normally use a cell phone. When you are able to reduce your recurring expenses, you’ll enjoy the savings every month.

When you don’t have to worry as much about finances, you will be able to enjoy your retirement instead of analyzing every dollar that you spend. Financial freedom should be one of the best parts of your golden years!

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