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 andsaving 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.
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