Improving your retirement roadmap in four easy steps

Women & money

Speak to an Advisor for more information

888-211-3868
Women's lives have distinctive rewards—and challenges. Women are more likely to outlive their spouses, have longer lifespans and tend to take breaks from their careers. Additionally, women are more likely to have a job that has limited or no retirement plan benefits. Finally, women are more likely to invest conservatively, which could lower overall returns. 1  All of these factors mean women need to be extremely savvy when it comes to planning for a fulfilling, secure retirement.
Here are four easy steps you can consider taking:
1. Know how to plan and maximize your retirement savings.
You may be wondering if your contributions for retirement are sufficient. To help answer that question, you need to know the following:
  • How much income you want for retirement
  • What income are you on track to achieve through current savings
  • Are there any gaps that need to be closed 
We have a simple online tool you can use to figure out what you should be saving based on your situation. 
2. Take steps towards making saving easy.
Use automatic withdrawals from your paycheck into your investments so setting money aside isn’t something you have to consider—and reconsider—every day. Take a minute to check with your employer to make sure you're informed of and using all of your retirement and savings benefits. You never know, there might be something you're missing out on. You may also find that consolidating funds from smaller plans into larger ones helps you to simplify and reduce costs. Remember: cutting your costs is one of the most important things you can do to potentially save more over time.
3. Build and maintain a strategy.
Work with an advisor to build and review your investment strategy over time. You should ensure you are taking on the amount of risk you're comfortable with, balanced against your needs and goals. A TIAA advisor can help you map out your risk tolerance and create a personalized strategy.   When building your investment strategy, consider evaluating your emergency fund level to help protect your dedicated retirement funds from early withdrawals, which often come with penalties.
4. Reach out for help.
Once you've put together a strategy that satisfies your needs, stick to it with discipline and focus as the years go by, and remember that you're not in this alone. If you want to get started right now, we can help you calculate online whether you’re on track with your retirement goals. TIAA is your partner when it comes to your finances, and your TIAA advisor is here to help you pursue your goals.
1 www.dol.gov/ebsa/publications/women.html ( July 2016)
 
Nothing in this article is intended to, nor should it be construed to, suggest the creation of a legal partnership or joint enterprise.
 
Investment products may be subject to market and other risk factors. See the applicable product literature or visit TIAA.org for details.
 
Before consolidating assets, you should carefully consider the benefits of both the existing and new product, as there will likely be differences between them.  There may also be tax consequences associated with the transfer of assets. Consult with your TIAA advisor and tax professional regarding your particular situation.

Investment, insurance and annuity products are not FDIC insured, are not bank guaranteed, are not deposits, are not insured by any federal government agency, are not a condition to any banking service or activity, and may lose value.

TIAA-CREF Individual & Institutional Services, LLC, Teachers Personal Investors Services, Inc., and Nuveen Securities, LLC, Members FINRA and SIPC, distribute securities products. Advisory services provided by Advice & Planning Services, a division of TIAA-CREF Individual & Institutional Services, LLC, a registered investment adviser. Annuity contracts and certificates are issued by Teachers Insurance and Annuity Association of America (TIAA) and College Retirement Equities Fund (CREF), New York, NY. Each of the foregoing is solely responsible for its own financial condition and contractual obligations.
C32900