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Taking Control of Savings and Retirement - What Women Need to Know

Many women fail to address their own retirement savings needs, relying on husbands, family, employers or the government.

It’s time for the pattern to change. More women have their own pensions and retirement accounts than their mothers did. Add that to the reality that women are working longer. Many women will keep working for 40 years—a decade longer than the previous generation.

At the same time, more women are single. Single women must become adept money managers and some married women fail to pay adequate attention until they become widowed or divorced.

At that point a woman’s standard of living generally drops. Moreover, from 65 on, the typical woman will go it alone.

Clearly, preparation matter but it’s often left for another day.

What gets put off most? To start, there’s the question of whether you’re reserving a big enough chunk of your salary. A further question is whether your savings plan enable a substantial and constant commitment - each month, each quarter, each year.

The Ideal Basic Retirement Income Combination

The savings plans you can use:

  • The S&P 500 Index regular contribution plans. These plans offer terms of 10, 15 and 20 years with a guarantee that your capital will not reduce in value and give you a fixed return of 4% per year or the S&P 500 Index return, whichever is the greater. Over the last 20 years S&P 500 Index averaged 8.5% return per year. Click here to find out more.

  • Lump-sum investments into bonds providing a fixed income per year directly to you bank account. Click here to view a selection of bonds.

Assertive investments have to be part of a woman's retirement strategy. With today’s low interest rates, pinning retirement hopes on savings, treasuries, CDs or any other fixed-interest investments is an incomplete approach.

Moreover, a diversified, assertive investment strategy reduces the risk of loss when the economy or government policy shifts. A truly good retirement plan can provide peace of mind during continued low interest rates, employer's bankruptcy and recessions. It performs well, no matter the changes an employer or the government might make.

Do not overlook the benefit of a well-regulated and reliable offshore retirement plan. The experts at Crewinvest have forged working relationships with offshore companies over the course of more than two decades. Our financial planners are focused on one task: matching crew with secure investment plans. Security means the capital you invest will maintain its value and earn a high return.

Know Your Goals

Career women today are well educated and success-driven. Many are strong earners. Yet women have yet to catch up in wealth planning - and it’s often because they juggle so much already.

If that describes you, schedule time to write out your retirement goals. Jot down where you’ll live, travel, eat... Include the likely billing statement details. Anticipate inflation. Write what you'll likely do for your loved ones and for social good. Will you be taking up a new sport, a new art?

Healthcare costs typically increase during retirement, and so will travel, dining, and leisure spending. To be sure, you are likely to start downsizing at home, and your spending footprint will get smaller. As a baseline, you’ll aim to have at least 80% of your current income during retirement. But will that be enough? You’ll want to pay your bills, maintain your lifestyle, and not have to worry about any unexpected needs. Too many women - even many who are high-flyers in their career years-wind up in the position of being denied quality of life because of the limits of a fixed income.

The time to plan is in your prime earning years. Be sure you're taking time to look after your older self. Women need to pay more attention to their financial plan than men, not less - because women earn less. In the airline industry, although women comprise an increasing percentage of highly paid crew such as pilots, inequality continues.

Plus, women worldwide live longer than their male counterparts - and must save accordingly.

Next Steps

Can you bring your savings to 20% and channel this into a retirement plan averaging 8.5% annually, then reinvest after retiring? If so, you’ve set yourself up for success. You don’t need to think of it as outperforming market activity - though you will. This is all about living your the best life.

We can help. Whether your plan is long-haul or a 3-year time frame, Crewinvest has the strategy to suit you.

For more information about secure savings plans, write to us at today.

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