I actually heard a woman say this on a podcast I was listening to. “If I’m not working, am I really worth anything?” My reaction? Out loud, I immediately said, “Oh dear!” Without even thinking, it just came out of my mouth. I still pray that her thought is rare (or nonexistent!) among women.
“Not working” can be a choice anyone makes throughout life: raising a family, caregiving, volunteering, deciding what’s next between jobs, evolving financial needs, and so many other situations. And in this example, “not working” was regarding deciding whether to retire… or not.
The Term “Worth”
I am always saddened when I hear anyone tying their “worth” to their income or net worth. Money is a tool to help you live out your choices based on your values. Our childhood shapes the money messages we have in our heads, and this woman I heard on the podcast was also from another country where culture also had an impact. So, that context helped me better understand her comment.
Your Idea of Retirement
When you first became an adult with financial responsibilities, what was your impression of retirement? Would it involve moving away, leisurely playing or traveling for the rest of your years, choosing to do whatever you wanted each day, living near or with your children, or something else? We all have different ideas, which can change as we get closer to retirement.
Begin with the End in Mind
I am a fan of Stephen Covey, the famous author of the mantra “begin with the end in mind,” which I also find to be a very helpful approach to retirement. What do you want to retire to? What lifestyle and activities do you envision? That answer dictates the second common question: how big must my nest egg be to retire?
And that answer depends… on your spending… which is dictated by your answer to that first question.
So, you see how they are SO interrelated? One person lives easily on $60,000/year, and another struggles to keep spending under $200,000/year. The good news is that spending is all about your choices, so you have some control.
Tools for Retirement
I had a great conversation the other day with Liz Schartman, an Accredited Financial Counselor and Daily Money Manager at The Well-Ordered Dollar about retirement. She helps people create healthy money habits in several capacities, including getting ready to retire and enjoying retirement. For women especially, her financial coaching in Jean Chatzky’s HerMoney is one of her many tools.
HerMoney
HerMoney offers not only education on the website, newsletter, or podcasts, but there are also multi-week group programs that provide education, financial tools like spending/saving tracking and a retirement calculator, and accountability partnership, all in a safe and engaging environment. For example, the FinanceFixx and InvestingFixx programs are designed, delivered, and enjoyed by women of all ages.
Daily Money Management
Liz is also a leader within The American Association of Daily Money Managers (AADMM.com), which handles financial management and bill payment services for anyone unable or unwilling to handle daily financial tasks. This service delivers financial peace of mind to busy professionals, high-net-worth individuals, seniors and their families, and more. Even before retirement, this need can arise with lack of time or with aging parents.
You Don’t Have to Figure It Out on Your Own
Liz shared, “I think it’s important for women to realize that there are many great tools to help with finances. They don’t have to figure it out on their own. These tools help women who want to gain control of their finances, or learn more about investing in a fun environment, or those that need to have someone else manage the day-to-day, either for themselves or family.”
No matter where you are in retirement/planning, there is much to consider. I encourage you to design that much anticipated time of life intentionally. MyBefore and After Retirement Checklist or Bundle can help you think through many of the decisions that need to be made.
One last fact to share: Be open to change… that is the one thing that can be guaranteed will certainly take place in retirement!
Your Thought:
What does retirement mean to you? Has the concept changed as you aged? What is it you look forward to or are already enjoying in retirement? What advice or questions would you have for other women?
