You must have a backup plan
When making plans for retirement, you should not forget the fact that we do not always live happily. It is likely that at some point you may have serious health problems, warns Dorothy Litwin, Ph.D., a private psychologist from New York who has older women undergoing psychotherapy.
“When you get close to fifty years, the transition period begins. You notice a change. Fatigue appears, you cannot do what you did before. There are, however, good points. Financially, this decade is more prosperous. At this time, people begin to seriously think about what they will do when they get old and maybe lose their health, ”she says.
Check how you are doing with health insurance, whether you have an insurance policy or you can count on Medicare; you need to know if you can pay bills if you have a chronic illness. According to statistics, women are more likely to suffer from chronic diseases than men, so their health care needs are higher. A chronic disease may require long-term care, the costs of which are not fully paid by policies of insurance companies or recipients of Medicare.
If you started working late, find out at the Social Security Administration what type of social security you can expect when you retire. Almost twice as many women receive a pension as the wives of working husbands, and not for their work. Remember that an earned wife receives only half the pension earned by her husband. “If this is her only source of income, she will be very limited in funds, warns Martindale. It’s better to get your own severance pay, but first you need to earn it. ”