Women in tech, listen up! In case you were wondering, you have 11 more days in 2017 to contribute up to $18,000 into your 401k account. These contributions lower your taxable income and help save for retirement. Off the top of your head, do you know what you saved this year? Do you know how much you currently have saved for retirement? Or how much money you will need to retire?
If the questions make you want to hit the wine and sleep through the end of the year, I understand, but wine is not enough..
This month, Women in Technology at Turbonomic hosted a companywide session with Ameriprise Financial Services Inc geared specifically towards women. Our goal was to get women talking about money, THEIR money, a subject that is still seen as taboo for women to discuss. Without knowledge and a strategy, it is hard for anyone to wade through all the info. It is important to know that the life expectancy of women who turned 65 in 2014 is 85.51 and if we follow the data, our female workforce will live longer, therefore their money will need to last longer. So having a strategy to invest their money is just as important as having a career plan.
Our key takeaways were:
1. Document your goals
2. Harness the power of compounding
3. Use dollar-cost averaging
4. Diversify wisely
5. Be aware of risks
6. Know your risk tolerance
7. Rebalance regularly
As a female leader at Turbo, I believe open forums for discussion of life issues are important, especially those that impact women. Our female employees are at all stages in their careers but one thing is constant, we work hard for our money, so it is time to make OUR money work for us.
Thank you to Eric Penna of Ameriprise Financial Services for supporting WITT.
Want to be a part of an empowered community of women in tech? We're Hiring!
1 A Profile of Older Americans: 2015, Administration on Aging, Administration for Community Living, U.S. Department of Health and Human Services