Working Women
Halt | November 23, 2021 | 0 Comments

How To Get Your Retirement Right: Tips For Working Women

According to the U.S. Bureau of Labor Statistics, women continue to make up half of the workforce in the U.S. in 2015, even though they are closing in on 64% in terms of college enrollment.

The numbers show that women still have a lot to contribute to the workforce, perhaps even more after they retire.

That said, women often fall prey to common retirement planning mistakes that may leave them without proper resources in their sunset years. To avoid becoming a statistic, take note of these important tips to ensure that you get it right in your retirement plans:

Retirement Plans For Working Women

Establish A Retirement Percentage

Establish a Retirement Percentage

According to experts at, you should take a good look at your income and expenses and calculate how much you will need for retirement income. Once you have successfully done this, figure out how much of your savings you will want to invest or withdraw each year during retirement for personal spending and how much you will want to invest or withdraw each year for your other needs, such as long-term care needs. Once you have an idea of how much income you will need from both sources, add them together and divide by two, since you can expect that either investment or income will fluctuate from one year to the next. The result is what you should strive to have saved by the time you retire so that you can take your income from both sources and plan for your expenses based on average expectations.

Be Prepared Emotionally

Workers are often so busy during their careers that they don’t have time to think about what they will do in their retirement years. It’s important to take the time to prepare for what lies ahead emotionally so you can adjust accordingly.

Have A Plan

Many retirees don’t have any plan for what to do after their careers. They figure it will all work out somehow, and if it doesn’t, too bad. Your first step should be to make a plan for your first year or two of retirement and then list what you want to do with the rest of your life.

Lose Weight Before You Retire

If you need more motivation than the thought of your expanding waistline to persuade you to drop those pounds, consider what might happen if you don’t.

While it’s unlikely that hitting the 65-pound mark will trigger an immediate heart attack, it will put you at increased risk for chronic illnesses like diabetes and for more serious medical problems that may arise in the future.

Healthy tip: Quality physical health is key to living longer, independent of income or race. If you are looking to save on your monthly budget, one great way to do that is by living in a community that offers amenities on-site. That way, you won’t have to spend money on gym memberships or health club fees. Living in a community can also encourage you to take more steps to improve your overall health while letting you save money. It’s also something you might want to do with a friend or loved one who feels the same way you do about staying in shape.

Practice Mindfulness

Practice Mindfulness

One of the ways to stay fit is to look at all the things you can do in your retirement years. It is important to plan and come up with your fitness goals.

The best way to achieve your fitness goals is to be focused and mindful in everything that you do to achieve these goals. As one gets older, their ability to focus and be mindful in every action and every moment reduces, which may cause them to lose their way when it comes to achieving their fitness goals.

Make Better Investment choices

While women are generally risk-averse, you must invest wisely in preparation for your retirement. It doesn’t matter whether you are working women full-time or part-time; you need to invest outside your job. You can invest in areas within your expertise. For instance, if you are a lawyer, you can invest in starting your law firm; if you are into marketing, you can branch out eventually and go big on your business. Sound investment decisions are better to ensure you earn more, save more, and have enough for your retirement.

Be Financially Literate

Be Financially Literate

Financial literacy includes a variety of issues that need time to grasp. While most financial skills are never taught in school, you can read books on financial literacy, listen to podcasts and other financial resources. While some people can do with a financial advisor, some may give advice based on personal interests.

Once you are financially literate, you are better placed to manage your finances. You will understand your assets, manage your debts and save substantially for your retirement.

Side note: Maximize on passive income and self-employment income

Self-employment is that small or big venture that you have perfected to the point that it earns you extra income. On the other hand, passive income refers to that business venture that can earn you income with little input. It includes.

  • Royalties from the sale of books or E-books
  • Dividends
  • Rental income
  • Photo sales.

Such income goes a long way to boost your retirement basket. Additionally, if you have lifelong skills such as painting, tutoring, gardening, and such, you may continue practicing your skills as you earn in your sunset years.


As one of the working women, you have a greater advantage since you can earn more over the years. Also, you can start saving early to ensure your retirement package increases over the years. Working with a financial advisor is a good strategy. You get insight into opportunities you can maximize for your retirement. For instance, you can decide whether to cash out your social security or wait for a later date.

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