Tuesday I spoke to a group of women business owners about “Reducing Your Taxes While Saving for Retirement”. This is a very practical, logical topic for all women because on average: 1) women live five years longer then men; 2) women get paid $0.82 for every $1.00 men make in the workforce; 3) women leave the workforce to be care givers. When all three of these factors are added up, women usually have less saved for retirement then men. That is why it is CRUCIAL for women to start saving for retirement early and in significant amounts. It is also why they can NOT be super conservative in their investments.
I also shared that after 40 (fucking) years of marriage, I am getting a divorce. We planned our retirement income based on BOTH of our income, pension, social security, retirement accounts. I will now be living on half that amount. Sobering thought? Yes, BUT I have planned for retirement, so I know I will not be destitute, I can live my lifestyle and be happy. You never know what life will bring in the future, whether a happy marriage, a single life due to choice, divorce, or death. Irregardless, you have to plan for YOUR OWN retirement, because you can’t rely on Prince Charming coming!!