Why women over 45 are feeling confident about their finances for retirement
(NC) When thinking about their retirement years, Canadian women over the age of 45 are feeling fairly positive about their financial future, according to recent survey results from RBC Insurance.
More than seven in 10 are confident that they’ll be able to afford the lifestyle they want to live through retirement – regardless of whether they are single or married – and many point to their retirement portfolio as the key factor.
The survey reveals that the top reasons for feeling confident about their retirement finances include being in currently good general health and not anticipating any significant health-related expenses, their spouse or partner has insurance or a pension that will maintain their household spending power, and earning well with a personal retirement fund that is on target.
“Women are playing a more active role in managing their finances and understanding their retirement needs, leading to them feeling more prepared and in charge of their financial future,” says Selene Soo, director of wealth insurance at RBC Insurance.
When it comes to how they are preparing financially for retirement, women are taking a variety of actions but the most common are putting money into Retirement Savings Plans (RSPs) and tax-free savings accounts, working with a financial advisor to create their retirement plan and cutting down on non-essential spending. Those over the age of 65 are also more likely to focus on estate planning, or investing in products such as annuities, that can provide a guaranteed income.
Still, there is always room for improvement, particularly when factoring in things such as market volatility or unexpected illness. Regardless of which age or stage you’re at in your journey towards retirement, prudent investment planning can help you reach your financial goals