In today’s world, we’ve all heard the term “glass ceiling.” It is usually applied when talking about opportunities for women to move into high-level management positions within the corporate world. It is mentioned when talking about women seeking political offices on a national level. We’ve all basically gotten used to hearing it in these contexts. But the term is also applicable when talking about women’s individual retirement plans.
Women vs men
As sad as it is to admit, there remains an inequality between pay rates for men and women who do the same job. Not only does this affect the pay-check women find in their bank accounts, but it also has an impact on a woman’s retirement plan. This propensity for women to be paid less than men means women have yet another “glass ceiling” keeping them from attaining a retirement income equal to their male counterparts.
Things are improving slowly, thanks to the hard work of some women and legislators around the world. The business playing field, and the retirement programs that go with it, are beginning to level out. But what can women do in the interim to make certain they are on track with their retirement planning? Toward that end, here are some suggestions for building your nest egg despite that glass ceiling.
Be proactive
Having the right attitude toward your retirement can make a big difference in the outcome of your retirement planning. Consult with a retirement planning professional but don’t lose sight of one simple principle: no one, including the government, is going to take care of you as great as you’ll take care of yourself.
Be proactive when it comes to planning. Keep yourself abreast of what’s happening in the market and make adjustments to your retirement portfolio when you need to. Make use of online calculators to give you an initial idea of where you stand, and to help you keep your retirement plan in top-notch shape.
Set your goals early
Decide what type of retirement lifestyle you want, then make certain that your planning makes that dream a reality. Planning for your retirement won’t seem so daunting if you know what you expect to be doing in retirement. Make a list of what you want your retirement to look like. At what age do you plan to retire? Are you planning to travel in retirement, or maintain your existing lifestyle? Are you planning to live off the income from your assets or will you be burning into the capital of your investments? Consider each of these factors when planning. Be certain you take into account whether or not you want to keep your income at your current level when you’re living in retirement.
Budget to be debt free
Once you figure out how much retirement money you’ll be needing, set up a budget to make certain you are currently saving enough to meet those goals for your golden years. Make being debt free a priority of your budgeting. The last thing you want to deal with in retirement is debt. Clearing your debts before retirement means you won’t have to worry about liabilities cutting into your retirement income.
With proper planning and implementation, the glass ceiling won’t be a barrier that stops you from achieving your retirement goals.
