Disclosure: This is a sponsored post for Prudential and SheSpeaks. All opinions are my own.
As moms, we have plenty of financial challenges. Parenting is expensive enough, and we also have to worry about college savings. It’s easy to focus on the present and ignore the future. But retirement planning should still be a key piece of your family budget. It’s always good to be prepared and start early.
I recently attended an event in Copley Square Boston, hosted by the Alliance for Lifetime Income. The Alliance for Lifetime Income has been established, with Prudential as a founding member,to help raise awareness about the need for retirement income planning and to help educate about annuities.
The event in Boston helped educate participants about protecting their retirement income.I got to experience some virtual reality videos about risk, and learned what my body may feel like in my late 70s.
For the virtual reality experience, I chose the scuba diving, where I felt like I was being attacked by sharks. It felt so real – they seemed to be coming at me. There was also a volcano and a race car experience.
I also had the opportunity to try on AGNES, a suit that mimics aging. Developed by the MIT Agelab, AGNES stands for Age Gain Now Empathy System. It gives you the experience of being in your late 70s/early 80s, and it was completely eye opening for me. I couldn’t believe how hard it was to do simple things like bending down and lifting my arms across my head. I felt completely free when I removed the suit, and it was a good wake up call to stay active as much as possible while I’m still in my 40s and have a plan in place to stay healthy in retirement.
During the event, I also learned more about annuities solutions from Prudential. Retirement can be challenging for anyone, but women have some unique needs. Because women often live longer than men1, there are more years where women will need retirement income. Women also often have less saved, because of the gender wage gap2 and because they may have taken time off from the workforce when having children. Living off savings from 401(k)s and other retirement savings accounts may not be enough. Women need to know how to manage and protect their regular monthly income during retirement.
So, what can women do to protect their retirement? Annuities can help. An annuity is a series of payments made at regular intervals. They can help grow assets and offer protected monthly income for the rest of your life. This guaranteed “paycheck” will help prevent you from outliving your retirement income and is also helpful during periods of market fluctuations. Prudential Annuities has the product offering and knowledge that can help you protect your income. I encourage you to work with a Prudential financial professional to create a retirement strategy and learn more about annuities.
Click here to set up a complimentary meeting with a Prudential financial professional today: smarturl.it/pruform.