Retirement: An Inflection Point

Retirement
Throughout their lives, women tend to be more concerned with spending and budgeting than investing for the long term. Only 22% of women consider themselves to be investors, and women generally admit that they are more disciplined in their approach to saving (65%) than investing (50%). However, when women reach retirement, they need to contend with the fact that they have to plan for the long term so the savings they accumulated while working can last throughout their retirement.

Focusing on short-term rather than long-term finances

Women are much more likely to follow a budget than to have investments.

61% of women
follow a household
budget

45% of women
have investments

Saving for the Future Means Investing

Women age 55-64 tend to feel warmer to the idea of saving money than the idea of investing money. Yet, women might be able to work with their interest in saving in order to grow into a greater sense of comfort with managing investments.

Pre-retirees and advice

Only 30% of women age 55-64 feel well prepared for retirement, and 4 out of 10 say they need financial advice to help prepare for retirement.

Taking Action

01.
Profile Your Expenses

Get started by profiling your retirement expenses before retirement. Track your expenses for a few months to make sure your estimates are aligned with your actual expenses. Use this worksheet.

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02.
Get Started with Investing

As you think about investing for the future, it’s getting harder and harder to balance risk and opportunity. Is your income strategy built for a choppy 2016?

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03.
Calculate Your Retirement Income

Understand exactly how much income your retirement savings can generate. Financial advisors can provide estimates of a person’s monthly income in retirement. BlackRock also offers a free online tool that estimates retirement income based on current age and savings.

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