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5 Ways Women Over 65 Can Still Plan for a Secure Retirement

June 10, 2017 by Catherine Gareri

Planning for retirement starts in your twenties, but what if you are in your sixties and nearing retirement and haven’t planned properly?  Is there anything that you can do to make your retirement more financially independent?  The answer is yes.  Here are 5 ways a women over 65 can still plan for a financially independent retirement:

  1. Develop good habits when it comes to spending money
    This is something that can be helpful at any point in life, but especially when you are on a fixed income.
  • Make a budget — make sure you know what your income and expenses are on a monthly basis. Knowing how much money is coming in, going out, and how much is left over gives you a clear picture as to how your money needs to be spent.
  • Make a list and stick to it — when you go grocery shopping, look through the store ads, plan your meals for the week, and decide what you need to buy before you go to the store. Getting to the store and deciding what you want can lead to making several dollars of impulse purchases.
  • Don’t go shopping if you don’t need something—when you are on a fixed budget, it can be hard to simply window shop without wanting to buy something that you see. This is where you really have to become disciplined and decide what you want verses what you need.
  1. Maintain a good credit rating
    Having a good credit rating and a high credit score will give you flexibility when it comes to getting a loan—in fact, having a low credit score can inhibit you from being able to get a loan altogether.  Perhaps you already own a home, but you still may need the ability to obtain credit cards, other personal loans, or a home equity line of credit during your retirement years.  Having a good credit score will give you the ability to obtain a good rate on the credit that is extended to you.  That means you will be spending less money on interest when paying back these obligations, and that means more money in your pocket.
  2. Start saving early
    Obviously, the bet scenario for a solid retirement is starting to plan for it in your twenties. But sometimes circumstances arise that don’t allow that to happen, so if you are nearing retirement and haven’t started saving, nowis the time to start.  Even though you won’t be able to set aside a huge nest egg to last the duration of your retirement, you can still get in the habit of setting aside a small amount of money each month to give you a cushion to fall back on.  If your car needs new tires or the hot water heater goes out, you don’t want to have to choose between making those repairs or buying groceries and medication.
  3. Look for expenses to cut
    If you find yourself alone during your retirement years and on a fixed income, you may want to consider cutting some expenses. Of course, there are some items such as groceries and insurance that you really can’t cut, however, there may be several expenses in your budget that can be adjusted down.  Consider small expenditures such as getting a less expensive package of television channels; call your telephone provider to see if there are options such as voice mail, call forwarding, or 3-way calling that you don’t use or need that can be removed from your account; or cutting items from your budget such as eating out as often, going to the movies, or other entertainment. It may take an adjustment to get used to, but being able to cut some unnecessary items out of your budget will greatly help with being able to pay your monthly bills and live comfortably.  Similarly, you may want to look at cutting larger expenses too.  Perhaps downsizing your home could save you hundreds of dollars a year in real estate taxes, you may even be able to find a smaller home that will cost less to heat/cool—adding to your monthly savings, and a less expensive home may allow you to take some equity out of your home to use for living expenses.
  4. Take care of you
    Doing as much as you can to stay active and healthy can go a long way to cut down on out-of-pocket medical expenses.  Even though you will have Medicare in your retirement years, it doesn’t cover everything.  Most preventative health visits are covered, so make sure that you get regular mammograms, blood work, and a yearly physical.  Eating healthy, exercising regularly (even if it’s just stretching and walking), and stimulating your brain with crossword puzzles or other activities can help lead to overall better health.

Catherine Gareri, an Associate with Finivi, works primarily with women going through a period of transition in their lives, or who are facing a new life challenge that may require difficult financial and emotional decisions to be made or at least considered. If you need guidance navigating through a difficult life transition, or simply want help with your pre- or post-retirement planning needs, we can help. You can call (800)530-6635 for a complimentary consultation or click here to schedule online.

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Eric C. Jansen, ChFC

Fun Facts About Me

When he is not researching the next great stock to add to client portfolios, you can find him travelling frequently with his family to Jackson Hole Wyoming.

  • Hometown: Chicago, IL
  • Birth Month & Year: November, 1964
  • Favorite Hobby: Goldmining in Nome, AK
  • Favorite Food: Steak at Charley’s Steakhouse in Orlando FL
  • Can't be interrupted when: Watching the Discovery Channel
  • Hidden Talent: Finish Carpenter
  • Something on bucket list: Obtain Helicopter Pilot License
  • Family Pet: Goldfish

Steven C. Johnson, ChFC

Fun Facts About Me

Steve would tell you that one of the best parts of the day is spent talking to clients and relationships that result from it. When away from the office, he loves to travel the back roads of New England enjoying all the great sites that can be found off the beaten path.

  • Hometown: Townsend, MA
  • Birth Month & Year: December, 1967
  • Favorite Hobby: Playing Hockey
  • Favorite Food: Chicken Caesar Salad
  • Can't be interrupted when: Watching the Bruins
  • Hidden Talent: Cooking – Makes a great Thanksgiving turkey
  • Something on bucket list: Travel to Italy and Greece
  • Family Pet: Max – our Pomeranian

Frederick M. Lane, ChFC, CASL

Fun Facts About Me

When not managing client portfolios, Fred can be found relaxing with family and friends.

  • Hometown: Nutley, NJ
  • Birth Month & Year: July, 1954
  • Favorite Hobby: Dog Walking
  • Favorite Food: Italian
  • Can't be interrupted when: Listening to Pink Floyd
  • Hidden Talent: Landscaping
  • Something on bucket list: Space Flight - Tourism
  • Family Pet: None

Catherine M. Gareri

Fun Facts About Me

When not caring for her clients Cathy enjoys relaxing in her yard at home.

  • Hometown: Bellingham, MA
  • Birth Month & Year: July, 1957
  • Favorite Hobby: Cooking and Entertaining
  • Favorite Food: Steak at the Capital Grille
  • Can't be interrupted when: It's family time
  • Hidden Talent: Dog Whisperer
  • Something on bucket list: Spending a couple months on the Almalfi Coast
  • Family Pet: In Between Mastiffs now so a little blue fish “Willy”

Katie E. Moore, CLTC

Fun Facts About Me

When Katie is not busy taking care of her clients, she spends her time being a mom to her two little ones, Owen and Isla.

  • Hometown: Modesto, CA
  • Birth Month & Year: September, 1982
  • Favorite Hobby: Swimming
  • Favorite Food: Mexican Food
  • Can't be interrupted when: I'm cooking
  • Hidden Talent: Climbed Yosemite's Half Dome, twice - no fear :)
  • Something on bucket list: See the Northern Lights and Potty Train my 2 year old
  • Family Pet: Caddy and Sierra – our two cats

Hesper Duval

Fun Facts About Me

Loves spending time with 2 daughters and enjoys participating in 5k obstacle races throughout the year.

  • Hometown: Charlton, MA
  • Birth Month & Year: October, 1981
  • Favorite Hobby: Running
  • Favorite Food: Cheesecake
  • Can't be interrupted when: Reading a good book
  • Hidden Talent: Interior Design and furniture restoration
  • Something on bucket list: To travel cross-country in an RV
  • Family Pet: Charlie and Nora, both black labs from the same litter

Donna Fournier

Fun Facts About Me

When not cheering for the Patriots, Donna spends her free time travelling throughout the United States looking for new haunted places to explore. She loves to wear her cowboy hat and boots when travelling out west.

  • Hometown: Swansea, MA
  • Birth Month & Year: February, 1961
  • Favorite Hobby: Exploring haunted locations
  • Favorite Food: Pizza
  • Can't be interrupted when: Eating my pizza
  • Hidden Talent: Rollerblading
  • Something on bucket list: Travel to Australia
  • Family Pet:  Had a pet skunk

Danielle Drew

When Danielle does not have her head in a book studying to expanding her financial planning knowledge, she enjoys anything active and outdoors, including visits to the beach and hiking.  

  • Hometown: Dennis, MA
  • Birth Month & Year: November, 1985
  • Favorite Hobby: Working out, concerts, and exploring wineries
  • Favorite Food: Lobster pot pie, cheeseburgers, BBQ, the list goes on...
  • Can't be interrupted when: Working out 
  • Hidden Talent: Country line dancing
  • Something on bucket list: To hike the 48, 4000 footers of New Hampshire
  • Family Pet: none, hopefully a big dog someday

Jay Willwerth, ChFC

Fun Facts About Me

Jay’s days are spent helping clients achieve their financial goals, followed by nights and weekends typically watching his daughters play competitive volleyball.

  • Hometown: Melrose, MA
  • Birth Month & Year: September, 1959
  • Favorite Hobby: Golf
  • Favorite Food: Anything at a Patriot’s Tailgate
  • Can't be interrupted when: Watching the Patriot’s Game
  • Hidden Talent: Competitive Volleyball Watcher (Mostly his 2 daughters)
  • Something on bucket list: Play a round of Golf at Pebble Beach
  • Family Pet: Bella, our Shih-poo
 

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