With retirement looming over most Boomer’s heads, there’s only one question left to ask: when do you start drawing from your retirement account?
Well, did you know that only 17% of women, have saved for retirement? If you are a part of that group, this is a proud day for you. You didn’t wait for that “knight in shining armor” to come rescue you; INSTEAD, you counted on yourself.
Today, 20% of women are in the workforce until age 70, and 26% have no plans to retire.
Saving, and putting together a portfolio for yourself has been a wise decision. For the first time in history, there are more women in the “single” category than “married.” In fact, married couples have become a minority in America.
Those of you in that 17% category, have planned well for your retirement. Your 401(k)s, savings, and IRA’s have helped you to be ready.
Today, a 65 year old woman has a 56% chance of living to 85, and a 35% chance of living to 90? Now, that’s important to know considering today you have to be prepared for your retirement dollars to last anywhere from 20 to 25 years, or maybe more.
I’d suggest laying out a plan with your wants and needs. This will give you an idea of what your monthly expenses will be, and what monthly income you will need. Besides the day-to-day necessities of life, there may be a special dream plan. This is the time when your dreams should come true. Lay out a plan for your dream vacation, and include it in your budget. You also might include monies for long-term care.
Now, once you know your expenses, add up your income, and do not forget to include your social security as part of your retirement income. If you were born between 1946 and 1960, full benefits begin at age 66.
With living longer, you will need to think of ways to stretch your retirement dollars.
If you do not already have a financial advisor, I would suggest that you get one to help you plan this important stage in your life.

Renaissance Communications

