Last week, I was talking with a friend and we got to talking about women, money and retirement. She told me how her 55-year-old cousin is worried about her husband leaving her, and this would put her in a vulnerable financial position. She’s thinking about retiring in the next five years, but is afraid to because her income would drop dramatically.
As a money coach, I hear about this kind of dilemma all the time, and honestly, it breaks my heart. It is stories like this that compel me to do the work I do. Women who find themselves in this type of predicament are the very reason I’m so passionate about this topic.
My vision is that women would step into their financial empowerment – whether they are married or single. I want every woman to heal her relationship with money and learn to become financially literate and confident with money. I would love to see women embrace their money power, which means her financial security would be in her control, not someone else’s.
When women learn to get their money story handled it also means they can reduce their bag lady fears about outliving their money in retirement (a fear that plagues women at all income levels).
Unfortunately, it isn’t until women reach their fifties that they even begin to realize the financial challenges that await them in retirement. When it comes to creating a sound retirement income plan, getting started late is better than not getting started at all.
Here are three basic steps to get you started on the path to creating your own retirement security:
- Be intentional about creating a new relationship with money. This is your financial wellbeing we’re talking about. That deserves your undivided attention and focus. Take the time to organize your financial documents, and get a handle on your money.
- Find the money. Think about how you can reduce your current monthly expenses, so you can increase the amount of money you put into savings. It’s not about how much you make but how much you keep that determines how much you can save.
- Increase your financial literacy. Create a new habit of reading something on a daily basis that will teach you about money. There are plenty of books available on Amazon and articles on the internet on the topic of women, money and retirement.
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