Women – Retirement Planning Part 2
It pays to consider all aspects of retirement planning and to know your options when it comes to your career.
Finding a New Job
When looking for a new job, one of the most important things to consider is the availability of employee benefits. Look for an employer who offers a pension, 401K, or 403(b) plan, and health care, life, and disability insurance. If you have a 401K and decide to switch jobs, try to roll-over your savings and avoid taking a withdrawal if possible.
Taking Time Out for Family
You may decide to take time off from work to care for children or other family members. This can be an emotional decision, but it is important to consider and weigh the long-term financial consequences. Leaving work for an extended period of time can result in missed opportunities for promotion, loss of benefits, or a loss of job skills. Women often decide that taking time away from work is the best thing for their families, and this very well may be the case for you. Just make sure to consider your financial security along with the emotional aspects of the decision.
Deciding When to Retire
Today women and men are both deciding to work later into life than previous generations. This is a good financial move for a variety of reasons. Working longer gives you more time to save, increases your Social Security benefit, and means fewer non-working years to plan for financially. Although you may not want to continue working full-time as you age, a phasing to part-time work may allow you to still take advantage of the benefits of later retirement.