In today’s world women are continuing to become the major breadwinners of their families. Women are becoming more knowledgeable about finances, becoming more confident managing their own investments and talking more openly about money with their kids, colleagues and peers.
I recently came across an article that talks about how more women are taking the lead financially. In it, the author provides some great money tips that will help women get their financial ducks in a row. I like how it breaks it down by age, so you can take the lead at any point in your life:
In your 40s
You are probably dealing with the needs of a growing family and aging parents. Even though times may be extremely busy, don’t take a break from saving for your retirement. Also think about protecting your legacy; start thinking about wills, naming guardians for small children, and getting life insurance if you have dependents.
In your 50s
Being in your 50s is crucial for you to be serious about crunching your numbers. Start estimating your retirement expenses and your projected income. At age 50, you can add an extra $6,000 in catch-up contributions to your 401(k) and 403(b); IRA savers can throw in another $1,000. Take advantage of this because at this point, you want to be saving every dollar you possibly can for retirement.
In your 60s
You’re eligible to collect Social Security benefits beginning at age 62. In fact, every year you delay drawing Social Security between age 62 and 70, your eventual payout can increase by about 8% a year. It is suggested that you go back to budgeting basics as you learn to live on a fixed income, so you won’t outlive your money.