It's Not Too Late to Take Control (And You Are Not Alone)

 For Women in Their 50s, 60s, and Beyond

You have spent decades managing everything for everyone else. The household finances. The kids' education. Maybe caring for aging parents. You have been so focused on everyone else's future that your own financial planning got pushed to the back burner. And now, as retirement approaches, you may be feeling a knot of anxiety.

Here is what you need to hear: You are not alone, and it is not too late.

The statistics can be frightening. Women retire with an average of 28% less savings than men. They are more likely to live in poverty during retirement. But those numbers do not have to be your story. The financial industry is finally waking up to the fact that women need and deserve a different kind of conversation, one that starts with your life, not with a product.

Here is what the experts want you to know:

Confidence is the secret ingredient.

It turns out that confidence matters more than knowledge. Highly confident savers put away 64% more of their income than their less confident peers. Knowledge alone only boosted savings by 12%. The takeaway? You likely know more than you give yourself credit for. Start acting like it.

You have powerful "catch-up" tools available to you.

If you are 50 or older, you can make additional "catch-up" contributions to your registered accounts. Use them. Max out your TFSA first if your income is modest (withdrawals don't count as income and won't claw back your government benefits). Then focus on your RRSP. Every dollar you put in now is a dollar that will work for you in retirement.

Women are expected to hold the majority of wealth in the coming years.

Financial advisors are beginning to understand that women have unique needs when it comes to retirement planning, including a need for guaranteed income that isn't subject to market swings. You deserve an advisor who understands that your priority is not beating the market, it is never running out of money.

It's never too late to get good advice.

Many women in your age group have never worked with a financial advisor. Or they have, but they felt talked down to or ignored. But when women do find the right advisor, one who respects them, speaks plainly, and takes their life goals seriously, their participation in investing more than doubles. It is worth the effort to find a good fit.

So, what can you do today? Gather your statements and get a clear picture of what you have and what you owe. If you are still working, increase your retirement contributions, even by 1%, it adds up. If you are retired or close to it, work with an advisor to create a sustainable withdrawal plan so you don't outlive your money.

Most importantly, stop letting the "I should have started earlier" voice paralyze you. You did the best you could with what you knew. Now you know more. And there is still time to make a difference.

The system is learning to talk to you. But you don't need to wait for it to be perfect. Start the conversation today, with an advisor, with a friend, or simply with yourself. Your future self will thank you.