By the time you turn 40, you are more than aware of the importance of saving for retirement.
And even if they are working full time, women tend to invest more conservatively than men.
And unlike men, they tend to have about twenty years of retirement.
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Dont Lose Hope
First and foremost, lets get one thing out of the way.
To see why, its worth running the numbers.
Assume that you are 40 years old, and have no savings.
With $1 million, youll still have to live frugally in retirement.
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2.
Increasing the amount you save can be done in several ways.
In your 50s, it might be too late forwhole life insuranceto make financial sense.
you could also look atterm life insurance, which will provide for your dependents should the worse happen.
Plan Your Risk
Dont be tempted to take on extra risk because you feel that time is running out.
Thats not to say that you cant get creative.
Online tradingcan be relatively safeas long as you dont put your entire retirement fund into high-risk stocks.
Set Your Priorities
Last but definitely not least, be honest about what your retirement savings are for.
You should, in other words, be a little selfish.
When youve worked hard for your retirement savings, you should be able to enjoy them.
New York contributor Kiara Taylor specializes in financial literacy and financial technology subjects.
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