Women & Retirement Planning

By Frederick J. Dawson, ChFC, CLU

Women face special challenges when planning for retirement. To meet these financial challenges, you’ll need to make retirement planning a priority.

Begin saving now

To maximize your chances of achieving a financially confident retirement, start with a realistic assessment of how much you’ll need to save. The sooner you start, the more time your investments have to potentially grow.

Save as much as you can – you have many options

If your employer offers a retirement savings plan join it as soon as possible and contribute as much as you can. If your employer offers a pension plan, find out how many years you’ll need to work for the company before you’re vested in, or own, your pension benefits.

Save for retirement – no matter what

Even if you’re staying at home to raise your family, you can and should – continue to save for retirement.

Plan for income in retirement

  At age 65, women can expect to live, on average, an additional 20.3 years. 1 According to recent  statistics, 37% of older women are widowed, 14% are divorced, and almost half of all women age 75 and older live alone. 2 So what can you do to ensure you’ll have enough income to last throughout retirement?

Here are some tips:

• Estimate how much income you’ll need.
• Find out how much you can expect to receive from Social Security, pension plans, and other sources.
• Set a retirement savings goal that you can work toward.
• Consider purchasing long-term care insurance to help protect your retirement savings and income from the high cost of nursing home care.

My husband takes care of our finances

Married or not, it’s critical for women to take an active role in planning for retirement. Preparing for retirement with your spouse will help ensure that you’re both provided for, and pave the way to a well planned retirement.

I don’t know enough about investing

Commit to spending just a few minutes a day learning the basics of investing, and you’ll become knowledgeable in no time. You don’t have to do it by yourself–a financial professional will be happy to work with you.

Some Content Prepared by Broadridge Investor Communication Solutions, Inc. Copyright 2014.

Sources:

1. The National Vital Statistics Report, Volume 61, Number 4, May 2013

2. U.S. Department of Health and Human Services Administration on Aging, A Profile of Older Americans: 2012

* Any opinions are those of Fred Dawson and not necessarily those of RJFS or Raymond James.

* Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional.

Bio

Fred Dawson, ChFC (Chartered Financial Consultant), CLU (Chartered Life Underwriter) has over 40 years of comprehensive wealth management experience. He is the President of Dawson Wealth Management and a founding principal partner of the organization. Successful women are prominent among Fred’s diverse client base of professionals, retirees, professional musicians and business owners. 

Frederick J. Dawson, ChFC®, CLU®
Wealth Manager
Dawson Wealth Management LLC
E.A. Delle Donne Corporate Center
1013 Centre Road – Suite 228, Wilmington, DE 19805
302-757-8000
[email protected]    www.dawsonwealth.com

Dawson Wealth Management LLC is not a registered broker/dealer and is independent of Raymond James Financial Services. Investment Advisory Services are offered through Raymond James Financial Services Advisors, Inc. and its advisors do not offer tax or legal advice. Fred Dawson named Forbes Top Wealth Advisors Best-In-State (2024) The Forbes Top Wealth Advisors Best-in-State 2024 ranking, developed by SHOOK Research, is based on an algorithm of qualitative criteria, mostly gained through telephone and in-person due diligence interviews, and quantitative data. This ranking is based upon the period from 6/30/2022 to 6/30/2023 and was released on 4/3/2024. Those advisors that are considered have a minimum of seven years of experience, and the algorithm weights factors like revenue trends, assets under management, compliance records, industry experience and those that encompass best practices in their practices and approach to working with clients. Portfolio performance is not a criterion due to varying client objectives and lack of audited data. Out of approximately 42,108 nominations, roughly 8,500 advisors received the award. This ranking is not indicative of an advisor’s future performance, is not an endorsement, and may not be representative of individual clients’ experience. Neither Raymond James nor any of its Financial Advisors or RIA firms pay a fee in exchange for this award/rating. Raymond James is not affiliated with Forbes of Shook Research, LLC. Please visit https://www.forbes.com/best-in-state-wealth-advisors for more info. Securities offered through Raymond James Financial Services, Inc. Member FINRA/SIPC