Even if you have a partner who traditionally manages household finances, it’s important to be involved in the budgeting and investing decisions that have an effect on your overall financial picture. Some credit traps to avoid: When using revolving credit, avoid spending more than you can pay off at the end of each billing cycle Be aware of hidden interest and fees When transferring balances to take advantage of low interest rates, be sure to pay off outstanding balances before the teaser rate expires Be sure to make payments on time; otherwise it could negatively affect your credit report Women and Money: Taking Control of Your Finances As a woman, you have financial needs that are unique to your situation in life. Perhaps you would like to buy your first home. Maybe you need to start saving for your child’s college education. Or you might be concerned about planning for...
Continue readingA Retirement Income Roadmap for Women
More women are working and taking charge of their own retirement planning than ever before. What does retirement mean to you? Do you dream of traveling? Pursuing a hobby? Volunteering your time, or starting a new career or business? Simply enjoying more time with your grandchildren? Whatever your goal, you’ll need a retirement income plan that’s designed to support the retirement lifestyle that you envision, and minimize the risk that you’ll outlive your savings. When will you retire? Establishing a target age is important, because when you retire will significantly affect how much you need to save. For example, if you retire early at age 55 as opposed to waiting until age 67, you’ll shorten the time you have to accumulate funds by 12 years, and you’ll increase the number of years that you’ll be living off of your retirement savings. Also consider: The longer you delay retirement, the...
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