Dreamstime


Earn up to $7500 for one sale!

Monday, May 22, 2017

Guest Post:3 Tips For Women Worried About Outliving Their Retirement Nest Egg

The following is a guest post.  This post does not necessarily reflect the views of Suzanne and David E. McClendon, Sr. or Manian Debil Productions.


3 Tips For Women Worried About Outliving
Their Retirement Nest Egg

Few things make retirees more nervous than the possibility their savings could run dry.

And the situation can be even more troublesome for women, who are at greater risk of outliving their money because, on average, they live longer than men. In fact, women over the age of 65 are 80 percent more likely than men to spend their retirement years impoverished, according to a study by the National Institute on Retirement Security.

“Many women don’t realize just how long they may live in retirement and how long their savings need to last,” says Beth Andrews, founder of Networth Advisors (www.bethandrews.info), a financial-planning firm that recently launched the Woman’s Worth® program with the goal of improving the retirement outlook for female clients.

“These days, it’s not unusual for someone to live into their 80s or 90s, and even past 100,” Andrews says. “Your retirement, in other words, could last many more years than you ever imagined.”

Women typically face situations men don’t.

“Just think of it this way,” Andrews says. “Most men die married. Most women die single. Generally, that means men will have someone who’s caring for them right up to the end. Women will be left to care for themselves.”

She suggests a few steps women should consider to reduce their risk of running out of money before they run out of life:

·  Delay Social Security. You can claim your Social Security benefits as early as age 62, but if that’s your plan you might want to reconsider, Andrews says. Taking Social Security early means you permanently will receive a lower monthly payment. Unless a personal situation forces your hand, she says, it may be better to wait until you reach your full retirement, which is from 66 to 67, depending on when you were born. If you can put off claiming Social Security until you are 70, those monthly payments would grow even more.

·  Plan for inflation. Too many people – women and men – think in terms of today’s dollars when they are trying to plot out how much money they will need in retirement. As decades pass and the cost of living rises, those dollars are going to buy a lot less -- so it’s essential that you factor inflation into your retirement planning, Andrews says.

·  Take care of your health. This one might not sound like a financial issue, but medical bills and long-term care expenses can gobble up savings quicker than nearly any other expense. Regular exercise and healthy eating can go a long way toward keeping both your body and your savings account fit.

“There are other things you’ll want to consider as well,” Andrews says. “For example, you may want to put off retirement and keep working longer than you originally planned. The important thing, though, is that you start thinking about what your retirement plan is and what you need to do to help make sure it doesn’t fall apart.”

About Beth Andrews
Beth Andrews, a CPA and Certified Financial Planner®, is founder of Networth Advisors
LLC (www.bethandrews.info).

As an experienced financial advisor, she specializes in the areas of retirement planning, retirement distribution planning, tax strategies, investments and insurance.

 Beth offers investment advisory services through AE Wealth Management (AEWM), LLC.  Networth Advisors and AEWM are not affiliated companies.

She and her husband Todd, a retired millwright for US Steel, have been married for 23 years and live in Eighty Four, PA near their family. Andrews received her accounting degree from Indiana University and started as a financial advisor in 1997. 

 She founded Networth Advisors to help clients accumulate, protect and enjoy their wealth.


If you would like for me to pray for you, please drop me an e-mail by clicking prayer.


Please Visit My Child Bride Suzanne's Blog




I respond to all approved comments on this blog, ideally within 24 hours.  Please check back here for a response to your comment.  Thank you!
Please be advised that all the information in this course is provided to educate, enlighten, and broaden your views in life.  The information provided is not a substitute for medical, legal, dietary, financial/accounting, or religious professionals.   Always consult a professional before you act on any of the information you find in this course. 


Do you have a frugal recipe?  Please e-mail it to me.
Help us reach 1,000 YouTube subscribers. Please watch some of our videos. If you like them, please subscribe. Also, please share our YouTube information with your friends.  We thank you so much for all your help. 
Disclaimer: The opinions or advice listed in this blog or website should be used as a place to start only. It is not a substitute for the use of a professional.
 Please be sure to consult your attorney, accountant, and/or other professionals with any specific questions. There is no one right answer to any business question that will cover all circumstances.
Notice: This post contains affiliate links. If you click a link and make a purchase, we may financially benefit from your transaction. Thank you for your support!

No comments:

Post a Comment