February 7th, 2011

What Single Women Over 50 Need to Know

I probably don’t need to tell you this, but single women over 50 today are retiring into their second lives during shaky economic times.  You won’t have a pension, for example, and even if you’ve got an investment portfolio and a house, those things might have fallen in value.

At the same time, today’s women over 50 are going to live longer, much longer, than the women who came before us.  It’s safe to plan that you’re going to live 80, 90, even over 100 years in total.  That means we need to plan well so we don’t have too much life left over at the end of our money.  Figure you’re going to need 80% of your current annual income each year of retirement to maintain your current lifestyle.  Then add in money for living dreams you haven’t had the time to enjoy before.

Now compare that total to your current savings and investments.  If you don’t like what you see, it’s time to make some changes.

Those are the things to consider.  Now here’s the good news.  Women who are over 50 today have more options for our lives than the women who came before us.  We’ve already broken down most of the career barriers, for example, and today no one blinks when a woman who is over 50 does something fantastic.

So how are you going to prepare for your life after 50, after retirement, and beyond?  I suggest a few things.  One is that you learn how to manage your own finances, and the other is that you look into ways of generating an income for yourself long after your 50th birthday.

I’ve found a wealth management system that is teaching me everything I need to know to maintain and grow my retirement nest egg.  So yes, I know for a fact that it’s possible for women over 50 to take the reins of our finances!

As for generating an income, I’ve chosen to go into business online.  Internet businesses are inexpensive and easy to operate, and they generate passive income for you even when you’re not working. In addition, think about the things you might like to do, maybe even part time, and go for it.

Single women over 50 today have a lot of advantages over their mothers.  For one thing, it’s perfectly fine for you to call a man and ask him for a date!  Just take good care that you’re building your own investments, and generating a lasting income, and you’ll be able to make your second life even better than your first.

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