Any time is a good time to put financial plans in place. But if you’re a woman in your 50s, you’ll likely need a more unique approach to thinking about your financial future. The golden years can be a wonderful chapter. But, unfortunately, they can also be a time when life’s unforeseen circumstances begin to rear their heads. That’s why financial planning for women over 50 is critical.
Health issues, leaving work to care for a loved one, and other factors can impact your plans to retire. Studies have shown that women often outlive their husbands and financial struggles are the last thing you’ll want to worry about during a time of grieving. Of course these conversations can feel uncomfortable, but having a plan in place for the unthinkable is so important. Luckily, it’s never too late to start managing your finances to secure your retirement plan and lay the groundwork for a financially comfortable future, no matter what happens.
Are you on the right path to retirement? See how much you need to retire.
Start Simple: Easy Steps You Can Take Towards Financial Stability
Making smart financial choices doesn’t have to throw a wrench in your lifestyle. There are some simple ways you can start changing your approach to money management. Here are a few of them:
- Prioritize Retirement Savings– If you’re a parent or grandparent, it’s important to resist the urge to set aside too much money for the kids in your life. While college funds are important, don’t detract from your monthly retirement savings contribution.
- Understand Your Partner’s Assets– If you’re married, talk with your partner about your estate and will, so that each of you knows what to expect in the event of a death.
- Enroll in Your Employer’s Retirement Plan– Many employers offer sponsored retirement plans. If this option is available to you, there’s no reason not to take advantage of it. If you do, make sure you contribute enough to get your employers full match – no sense leaving free money on the table.
- Set Up an IRA Through Union– An individual retirement account (IRA) provides tax savings and reliable income for your retirement. Union Community Bank offers both Traditional and Roth IRAs, so you can choose the option that best suits your needs.
Time to Crunch the Numbers: How to Figure Out Your Financial Future
Are you on track to retire? As you approach the retirement years, you may be emotionally ready to leave work behind. But it’s crucial to be sure you are financially ready, too. There are many factors to consider, but a good start includes:
- Current savings
- Expected Social Security benefits
- Annual health care costs
- Annual rent or mortgage
- Annual food costs
- Annual transportation costs
Need help breaking it down? Use Union’s Simple Retirement Calculator.
Beyond retirement planning, it’s also important to discuss end-of-life financial factors with a trusted family member or friend. These include long-term health care, wills, charitable organizations you support, life insurance, powers of attorney, and estate planning. While these topics can be uncomfortable, they help secure the financial future of those who matter most to you.
Let Union Help You get Started
Whether you’re ready to roll out some serious financial planning strategies or just hoping to make some small adjustments in the way you think about saving money, Union Community Bank can point you in the right direction. Setting up an IRA is a great way for women over 50 to ensure financial stability for the future.
Even just periodically reviewing how much money you’re setting aside for each of your personal goals (whether it’s a kitchen remodel or a family vacation) is a great habit to get into. So, next time you’re wondering where you stand with your financial future, don’t hesitate to reach out to a Union Community Bank to learn about all the personal savings options available to you.