Firstly, you need to make a conscious decision to adopt a pro-active attitude.
Secondly, you need to arm yourself with knowledge and understand the options available to you. This will help you take the next step and put some strategies in place.
While the average retirement age for women is around 55, the age you retire will depend on your finances, health and ongoing employment situation.
Deciding what age you will retire can be difficult to define in advance but having a date in mind will help you work out what savings you will need.
Are there specific things you want to do once you have left work? Does travel appeal? Do you want to move house and live by the beach, spend more time with friends and family, or take up new interests? It’s a good idea to spend some time thinking about what you want as it will help you have a plan to reach where you want to be.
Do you want to own the home you live in? Planning your mortgage payments so that your home is paid off by the time you retire can add greatly to your retirement possibilities.
Leaving paid work can be stressful as it plays a central role in many women’s lives. Thinking about your own retirement sooner rather than later helps smooth the transition from work to a new life.
Based on current life expectancy estimates, a women retiring at age 60 can expect to live until about 85 years. Your actual life expectancy may be shorter or longer depending on lifestyle, health, family history and other variables.
However, if you assume you will live at least 25 years after retirement, it is all the more important to ensure you don’t run out of money during this time.