Five ways women can boost their retirement savings
How much have you saved for your retirement? If you’re worried you haven’t put aside enough yet, here are five ways you can boost your savings.
One of the challenges facing both men and women as they reach their selected retirement age is an increased life expectancy. We’re seeing people live longer, yet generally, we still peg retirement to the ages of 60 and 65, so whatever money is saved in pensions and investments needs to last for a potentially long period of time.
And if you’re a woman you have an even greater burden: as our life expectancy is generally higher than men’s our money needs to last longer.
Zoe Bailey, Director of Financial Planning at Tilney shares her five tips for women looking to boost their retirement savings.
1) Think about your future
I know, I know, the last thing you want to think and talk about is retirement. Some people want to travel the world or take up a new hobby when they retire. Others see it as a perfect opportunity to volunteer with a local charity or start their own business.
Whatever your vision of retirement looks like, the earlier you plan for your future, the more chance you have of achieving the one you want.
2) Boost your savings
So, you know the type of retirement you’d like, but do you have enough money? Are you on track? Are you maximising your savings? Saving for retirement is one of the most significant financial challenges.
Talking to a financial planner can help set you on the right savings path and make your money work harder for your future.
3) Review your finances after a career break
Your finances should be reviewed as you return to work having taken maternity leave. You may have had a period of receiving only statutory maternity pay and your salary may be reduced if you return to work part time, but your own personal finances need to take as much priority as the family finances and budget.
4) Make the most of tax saving
You pay a lot of tax, so when you’re saving up for the future why wouldn’t you try to save tax? There are simple things you can do to like saving into an ISA or pension but to make sure your money is working hard, it’s a good idea to seek support from a professional adviser.
5) Start investing now
Ever thought about investing? Are you unsure how to get started? The first step is putting some time into learning the basics and understanding the strategies.
It’s never too late to start investing for your future, but remember, the longer you invest the higher the chance of a better return. You don’t have to be an expert, it’s about knowing what you’re investing for and getting the right advice.
Need more help with financial planning? Check out these guides from Tilney.
Photo by Anukrati Omar