Financial planning is an essential part of everyday life. You manage your household finances either solo or with a partner and having your finances in order is necessary for financial health.
Managing money and saving for retirement is an integral part of life. Historically women have not been involved in managing their finances, feeling more comfortable in having their spouse manage them. But times are changing, and women are taking control of their finances and breaking down old stereotypes that no longer serve them.
Jean Chatzky, CEO of HerMoney and host of the HerMoney podcast, is one of the predominant voices in the personal finance space. Chatzky sat down with me recently to discuss the results of a new study released by HerMoney and Alliance for Lifetime Income. This research reveals that women are breaking down stereotypes and taking control of their finances and investing.
The study revealed that women take control of their finances over sharing their finances with their partners. Women are coming into relationships at an older age and have significant assets established already and prefer to keep them separate from their relationships. They have the financial confidence and savviness to manage their finances and ensure that they take care of their financial futures.
One area where women are still feeling fear around is retirement. Most women often fear that they will run out of money when they retire. Knowing that women are outliving their male spouses and will spend many years alone is financially concerning to many. However, when planning for retirement, you can mitigate those risks.
Here are some tips on preparing your finances for retirement:
1. Start now
Regardless of how much or how little you have invested in your retirement, you can start now if you are not making regular contributions. Invest what you can. The earlier you start saving, the more time your money is invested and earns a return.
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