Baby Boomer women have a message about retirement planning that younger women should pay attention to. According to a recent study:
53% of baby boomer women are concerned about outliving their sources of retirement income, and 28% of baby boomer women don’t think they can afford to retire. (The Allianz Reclaiming the Future Study, 2010)
It would behoove women to take a stand for their financial security instead of depending on others to do it for them.
Studies show that while women admit to feeling clueless about money, they also claim to want to be more involved in the long term planning process. They simply don’t know where to start.
If this is you…..
Here are a few simple steps you can take to get started:
- Focus on increasing your financial literacy, and educate yourself on retirement planning.
- Make a plan to do everything you can to start saving more.
- Take baby steps. Especially if the thought of taking charge of your finances feels overwhelming.
- Go slow. No need to feel like you need to get it all done right now.
But do get started now.
Don’t fall into the trap of thinking you need to wait until you make more money.
I’ve had clients who managed to save money on annual salaries ranging from $40,000 to over six-figures. Your level of income doesn’t matter. It’s not what you make, but what you keep.
Start where you are right now.
Decide that you will become financially savvy with what you have to work with.