Financial Planning Questions for Working Women, Part 2

Last week we looked at two of the questions that The Pittsburgh Courier asked in the article, “Five key financial planning questions for working women.” The first two questions dealt with investments; these last three gave readers something to ponder with regards to their careers and retirement planning.

  • “Are you prepared for changing professional expectations?”

The publication suggests that you keep up with what is new in your line of work, especially if you have taken a step away from working to care for family. You can also find ways to update your skills so you can re-enter the workforce with more to offer.

And some women have to know that they may need to train for and enter a new field if they aren’t able to find viable options doing the kind of work they have done in the past.

  • “Are you building for a secure retirement?’

Since women tend to earn less and leave the workforce to care for family, they also have less set aside for retirement and get less from Social Security.

They also advise women to factor in an employer’s retirement benefits when they are considering taking a job. This doesn’t mean turning down any job that doesn’t offer optimal retirement benefits, but rather it means you shouldn’t ignore retirement benefits and only focus on salary when you weigh whether or not to take a certain job.

  • “Have you factored in health care costs?”

Women often live longer than men and this needs to be considered in retirement planning: “In fact, a 65-year-old woman will spend about $21,578 more on total health care costs over time than a man of the same age, according to a HealthView Services report.”

You may want to consider long-term care insurance as a way to make sure that you can cover medical costs at a time when you can no longer work.

© Clarity Financial Planning. Financial Planning Questions for Working Women, Part 2 is a post from: Bring Clarity to Your Finances™

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Claire Emory, MBA, CFA, CFP®

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