PHOENIX — This Money Saving Monday, we’re focusing on retirement. Angelica Prescod is a Scottsdale based wealth advisor with Edward Jones.
She mentions the one thing you can do today to positively impact your retirement plans is to talk about it!
“Keep the conversation going, not only amongst your friends but through generations. Find out what mistakes your parents, your uncles, your cousins may have made that you want to make sure you don’t do,” said Prescod. “One of the biggest mistakes we make is not talking about it.”
She also suggests to be honest with yourself about the amount of money you will need to retire comfortably.
“Have a conversation with you 10 years from now, now. What do you want to make sure you do not miss out on when you’re retired? And plan for those things now," shared Prescod. "I see people when they go into retirement that they are kind of hopeful versus certain. So, check your budget because trust me it’s probably not going to go down too much when you’re retired, when every day is Saturday."
Prescod also has some advice for women specifically. She said women have three reasons why their retirement planning should look different than men’s.
Women tend to be caretakers.
"We’re usually the caretakers for the generation before us and, or we host our children, or family-in-laws for a longer period of time. So our retirement planning and strategy sometimes has a caveat of family care that blocks us from continuing to invest,” said Prescod.
Women typically live longer.
She shared while women live longer, that can mean what women save doesn’t last as long as they need it to, so you should factor that in when planning.
Women have a desire to continue to care for others once they retire.
When planning she suggest that women ask themselves, "Who else are you going to be comfortable laying a handout for?"
She said to remember to include in your budget calculating religious tithing, philanthropic donations, or other people who you hope to continue to support once you are retired.
She reminds us, “the last thing you want is to be in a condition where all of the sudden once you’re retired everything in your normal life shuts down,” said Prescod. She shared that takes planning and there’s no better time to start than today.
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