You must have a backup plan.
Making plans for retirement, you should not forget the fact that we do not always live happily. Chances are that at some point you may have serious health problems, warns Dorothy Lytvyn, Ph.D., a private psychologist from New York, who is undergoing psychotherapy for older women.
“When you are approaching fifty years, the transition period begins. You notice a change. Fatigue appears, you can not do what you did before. There are, however, good moments. Financially, this decade is more prosperous. At this time, people are beginning to seriously think about what they will do when they grow old and maybe lose their health, ”she says.
Check how you are doing with health insurance, if you have an insurance policy or you can rely 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 needs for medical care are higher. Chronic illness may require long-term care, the costs of which are not fully covered by insurance companies or Medicare beneficiaries.
If you are starting to work late, ask the Social Security Administration what kind 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 the accumulated wife receives only half of the pension earned by her husband. "If this is her only source of income, she will be very limited in her means," Martindale warns. It’s better to get your own severance pay, but first you have to earn it. ”