Retirement Advice: Making the Most of Your Golden Years 

The US retired population (aged 55 and over) has grown by over 3 million retirees since 2020. Most of these retirees are women. On average, women will also live around about five years longer than men do.

Retirement for women means starting retirement savings early to plan for more years of withdrawals. Have you started this process yet?

If not, learn more here on how you can plan for your “golden years” with some of this retirement advice. If you do some homework now, you’ll enjoy those benefits you’ve worked hard to earn.

Retirement Advice for Women

Planning and saving when you’re young is the best retirement financial tip there is. Starting retirement savings when you’re early in your career gives your assets time to generate earnings. If you’re starting this strategy late, here are some additional retirement steps for late planners to follow.

Add to Your Employer’s 401(k) Plan

Do you have an employer-sponsored 401(k) plan? If you do, start contributing to it as well.

Invest small amounts from your paychecks before state or federal taxes are withdrawn. These small amounts will also help bring down your taxable income rates while you invest in something that benefits you down the road.

Reinvest Your Tax Refunds

Another strategy is to submit your state or federal tax refunds immediately back into your retirement plan. IRS Form 8888 is your deposit form to remit these refunds directly to your retirement account.

Sign Up for an IRA

Another source of financial retirement help is to open your own individual retirement account (IRA) to help you save. IRA accounts are created by a financial institution or professional planning advisers. IRAs allow you to save retirement dollars on a tax-deferred basis.

IRAs come in two forms: a Roth IRA and a traditional IRA. Roth IRA contributions are taxed before they go into your account. Withdrawals, however, are tax-free.

With traditional IRAs, deposits from your paycheck go into your account without being taxed. You aren’t taxed unless you withdraw the funds later.

Start a Self-Directed IRA

Self-Directed IRAs are different from a Roth IRA or traditional IRA. The primary difference is that an investor makes their own investment decisions with their Self-Directed IRA.

Investors can select investments ranging from real estate to stocks or bonds. You can read more on this investment model along with other financial planning tips for women at this site.

Find financial services professionals who can advise you and help create your self-directed IRA. They will also provide you with traditional IRA strategies as well as other retirement planning advice.

What’s Your Next Step?

There are lots of ways to prepare for your retirement that are within your grasp right now. Start investing today, while you’re young and your investments have time to grow.

Check with your company’s HR department to find out more about your employer’s 401(k) plan. Does their plan allow you to contribute your own funds? If so, make sure you are paying the same deposit amount that your company is paying you.

Be sure to check our website for more retirement advice. Plan now and you’ll have the best security possible to live out your retirement dreams!