Retirement is a major life transition, and many women are getting more serious about preparing for when that day comes. It’s one of life’s biggest milestones, and there are crucial decisions to consider regarding retirement planning for women. This should be a time for excitement, not stressing out, so here are some tips to help prepare you for the next chapter of your life.
Women Leaving the Workforce
Women face different challenges than men when it’s time to retire. For one, women tend to live longer. According to Harvard Health, women in the U.S. tend to live five years longer than men. This increases to seven years worldwide. Because of this, women will need to save more money for retirement.
Another issue is that women tend to make less money. Yes, women have come a long way in terms of equal pay, but there’s still a noticeable gap there. The U.S. Department of the Treasury reports women have 30% less income than men when they retire. Wage increases for women are recent developments, and women who have been saving for years did so without the benefit of the wage increase. Also, many women take time off from work to raise their families, so they may have fewer funds than their male counterparts when they enter retirement.
Despite this, women can enjoy their retirement. With a little planning, you’ll be all set.
How to Transition Into Retirement
One of the most important steps to take into retirement as a woman is to ensure that your Social Security benefits are set up and ready to roll on day one. Depending on the age you retire, you may be eligible for either partial or full benefits. Anyone born before 1960 will be able to fully retire at 66. If you were born in 1960 or after, you will have to wait until you are 67.
At the time of this writing, you can retire early at age 62, but your benefits will be reduced by 25% for your Social Security, and 30% if you are getting benefits from a spouse, according to the Social Security Administration. This means if you bring home $1,000 for your full check, you will only receive $750. If you get $500 from your spouse, this will be reduced to $350.
It’s important to make an appointment with a Social Security agent to learn the specifics of your benefits. This can vary from person to person, so cut out the middleman by going straight to the source. According to the Social Security Administration, this needs to be done when you turn 65, because it can affect the price of your Medicare benefits if you wait longer.
Look After Your Health
Contrary to popular belief, retiring can be one of the busiest periods of your life, at least initially. It’s easy to focus on making sure your Social Security benefits are set up, searching for the perfect house, and juggling your new schedule. But don’t forget the most important thing of all: your health.
Make sure you stay up to date on all doctors’ appointments. If you have to miss one, which we all do, make sure you reschedule. You may need to switch doctors if you’re moving to a new area. Also, don’t be afraid to find a new physician if your current one isn’t a good fit for you.
Another way to stay healthy is to keep a proper diet. Many retirees decide that cooking is no longer for them, but make sure you’re still eating healthy foods when you go out to eat. You can check the menu online before you go to see what they offer.
Your mental health is also important. Don’t forget to take time to sit down and relax. Sometimes getting out in the sunshine is the perfect way to do this, especially if you are with friends. If life is weighing you down, and you aren’t sure how to handle a problem, reach out to those around you. They may be able to help you navigate your new life as a retiree.
Stay Active
Part of being healthy is staying on the move. This could be anything from a morning walk with your dog, joining a yoga class offered by your 55+ community, tennis with friends, or even taking a spin class. The choices are endless.
Water aerobics is another excellent choice for women. It’s low impact, so there’s little wear and tear on your joints. This is crucial for women who have osteoporosis. Other benefits include increasing your cardio and building muscle. You’ll also be able to socialize with other women as you get in shape.
Start a Side Hustle
Now that you’re retired, this is an excellent time to start exploring new hobbies, like crocheting, yoga, writing, baking, and more. Many of these hobbies could potentially be a source of income. For example, you can become a yoga instructor, start a business selling your crocheted items, bake birthday cakes for parties, or even start a blog.
You won’t have set hours for many of these side hustles, and you can work when and if you want to. It could be a second source of income to help you build your nest egg, and better yet, you’re doing something you love.
Homebuying, a Key Part of Retirement Planning for Women
Some people have the home of their dreams and have no plans on moving. Others are eager to move on to new adventures, so this may mean buying a new home. Whether you are moving down the street or to a new state, it’s important to plan ahead.
Start by getting an idea of your budget. Next, determine the location. Some parts of the U.S. are more expensive than others, so you may be able to afford a larger home with more land in some states than you could in others.
Something else you can do is start by packing sooner rather than later. Ask friends for boxes, and pack up the items you want to keep but never really use. Schedule movers ahead of time, and let them handle the heavy lifting.
Contact Us for Help With Retirement Planning for Women
Retirement planning for women involves careful financial decisions, lifestyle considerations, and finding the right place to call home. While you can navigate this journey on your own, having expert guidance can make the process smoother and more enjoyable. Our team is here to help you explore 55+ communities that fit your needs and preferences. If you’re ready to take the next step toward a fulfilling retirement, contact us today—we’re here to help you every step of the way!
