While we have, in the past, talked about Ginsberg’s views and tips
on saving for retirement in general, this post deals purely with why saving for
retirement is different for women than for men and Ginsberg’s suggestions on
how women can gradually start building up a healthy retirement fund for
themselves.
A simple fact that sets women apart from men is the difference in
life expectancies. While a man has an average life expectancy of 76 years, a
woman’s is slightly more than 80 years, which means that women need more funds
for retirement than men, at least 4 years’ worth. This difference alone could
work out to a few hundred thousand dollars.
Another challenge that women face
sometimes in their lives is that they sometimes give up their jobs or take a
long sabbatical to raise a family, which puts them behind on their incomes and
saving goals.
Adam Ginsberg, the leading internet entrepreneurship coach, offers a
few pointers that could be useful for women to save for a happy and comfortable
retirement.
For starters, don’t be afraid of the numbers. Research has shown
that more women think that calculating investment goals and crunching numbers
to achieve those goals can be a complicated and tedious job. Well, nothing can
be further from the truth. All it takes is determination on your part to sit
down and understand investment basics like interest rates, various investment
options like IRAs, Mutual Funds,
401(K) and
the like. You can even take the help of professional financial planners to know
what your investment goals should be and how your investment money should be
distributed.
Secondly, if you are planning to take a break from your career, make
sure to understand how much money you’ll need to put away for your non
contributing period in your retirement funds when you do start to work again.
The figures may be a bit daunting, but don’t stress over it. You can gradually
increase your contributions by 1–2% every quarter till the time you reach your
goal, and it wouldn’t feel like a burden.
Third, find ways to supplement your income, and consequently your
retirement fund. Adam suggests the internet as a great source of additional
income, so that even if you do need to top working for a period of time to
raise a family, you can still stay home and earn money on the internet. As an
option you can check out Adam Ginsberg’s eBay resources to supplement your
income from eBay.
Adam Ginsberg is
a pioneer in eBay entrepreneurship and his eBay
tools and software are being used by thousands to script their own eBay
successes. For more information visit
Adam’s blog here.
No comments:
Post a Comment