Women’s Personal Finance Wednesdays: Week 50 Roundup - Tread Lightly, Retire Early (2024)

Women’s Personal Finance Wednesdays: Week 50 Roundup - Tread Lightly, Retire Early (1)

Welcome to another week of the Women’s Personal Finance Wednesdays roundup. I started this series after months of debate because I wasn’t certain I wanted to up the ante and commit to publishing three posts a week. However, now that I’ve started sharing these posts, I’m so glad I started.

There are so many fabulous women writing about personal finance online, and yet there is still a perception that women aren’t good with money, don’t care about money, or don’t understand it on a granular level beyond perhaps knowing how to coupon and score a good shopping deal. These roundups are my way of doing a small part to change that perception. There are no shortage of women online doing their part to make it clear that they DO understand money, and these posts are meant to amplify that fact.

The hardest part of this post every week always is narrowing it down to my favorites, because there is just so much good content out there. If you’re ever interested in what else I’m reading, I share quite a few other posts on Twitter (and that’s also where I read most of the content to begin with these days).

OurWomen’s Personal Finance Facebook groupalso has a sharing thread on Fridays, and that’s the place to read all the blog posts written by members over the previous week. If you’re looking for more articles written by women, that’s a great place to continue reading (plus we have plenty of great discussions on finances the rest of the week as well!).

If you don’t have the time or inclination to go searching down myriad posts, though, I will be continuing this series every week to showcase some of the best of the new content I read. If you ever read a post you think I absolutely need to consider for this roundup, please let me know! I am always open to reading new blogs (and posts of blogs I do know, because I miss some).

Women’s Personal Finance Wednesdays – Week 50

1. Yes, The Wage Gap Exists Maggie Germano

Someday, hopefully, these kinds of blog posts won’t need to exist. But for now, they do, much because of people like the young man in Maggie’s story who blatantly refuses to listen to data cited or be willing to look the information up himself. The problem with the internet is that while there is a whole wealth of information out there, even more untrue or highly slanted facts are there to find as well. The confirmation bias is real.

That said, it DOES help to be able to quote real, solid facts when conversations come up. It’s harder to refute someone when they have real numbers, and when someone ignores reality even at that point, then you’ve done all you can do and they will always willfully ignore the facts in order to continue in the belief they want to have. Unfortunately, I have no good answer or advice there.

2. This Just Hit Me All Options Considered

Alison has been retired for a year and a half now, while she and her wife Ali slowly traverse the globe. It’s taken eighteen months for the stress that lived within her during all those years of work to slowly melt away.

Clearly, I can’t speak to what that life is like as I’m in the middle of work and small child and busy, but she does such a fabulous job explaining the switch inside her, and it sounds lovely.

3. Watching “Playing With FIRE” As A Single Person Along The Camel Ride

For those of you who aren’t familiar, the documentary “Playing with FIRE” is about a family ditching their trappings of a normal life and exploring what it could look like to put their money in line with what they ultimately value.

I love sharing stories different from my own, because we all have such different experiences, and as someone who has been married since the age of twenty one, the single path to FI is something I’m aware of but can’t relate to myself. Katie writes eloquently on the frustration of reading and watching so many stories of married couples that don’t mirror her own. While there is a lot of advice that’s applicable to most stories, there is certainly a different layer when considering the single path, both good and bad.

Women’s Personal Finance Wednesdays: Week 50 Roundup - Tread Lightly, Retire Early (2)

I hope you enjoy the posts this week as much as I did. I read a ton of content and it was hard to narrow down my favorites. I’m looking forward to sharing some new ones with you again next week!

As always, if you’re looking for a categorized list of self identified women writing and speaking about personal finance, here is my comprehensive guide to theWomen of the Financial Independence Community.

Women’s Personal Finance Wednesdays: Week 50 Roundup - Tread Lightly, Retire Early (2024)

FAQs

Where to put your money if you want to retire early? ›

6 Best Investments If You Want To Retire Early
  1. Regular Investment Account. For normal retirees, putting every dollar possible into a tax-advantaged retirement account makes a lot of sense. ...
  2. Roth IRA. ...
  3. Municipal Bonds. ...
  4. Real Estate. ...
  5. Index Funds. ...
  6. High-Yield Savings.
Jan 20, 2023

How can I retire at age 55? ›

Retiring at an age as young as 55 is a dream of many Americans. However, turning this vision into reality involves some significant financial planning and maneuvering. For example, you'll need to build significant savings, invest your money, account for early withdrawal taxes and take a lot more into consideration.

How much money to retire early? ›

But it's considerably more so if you want to retire early. One rule of thumb recommends multiplying your desired annual income in retirement by 25 to come up with a savings goal. So, if you want to have $50,000 a year for 25 years, you'd need $1.25 million.

What is the $1000 a month rule for retirement? ›

The $1,000-a-month retirement rule says that you should save $240,000 for every $1,000 of monthly income you'll need in retirement. So, if you anticipate a $4,000 monthly budget when you retire, you should save $960,000 ($240,000 * 4).

How to retire at 62 with little money? ›

If you retire with no money, you'll have to consider ways to create income to pay your living expenses. That might include applying for Social Security retirement benefits, getting a reverse mortgage if you own a home, or starting a side hustle or part-time job to generate a steady paycheck.

What is the best age to retire for a woman? ›

Age 66 – Full Social Security retirement age begins for most Baby Boomers. Age 67 – Full retirement age for Social Security benefits if born in 1960 or later. Age 70 – To increase monthly benefits delay claiming Social Security payments until 70. Age 72 – Minimum distributions from 401(k) plans and IRAs are required.

Can I retire at 50 and collect Social Security? ›

You can receive Social Security retirement benefits as early as age 62. However, we'll reduce your benefit if you start receiving benefits before your full retirement age. For example, if you turn age 62 in 2024, your benefit would be about 30% lower than it would be at your full retirement age of 67.

What happens to Social Security if you retire early? ›

In the case of early retirement, a benefit is reduced 5/9 of one percent for each month before normal retirement age, up to 36 months. If the number of months exceeds 36, then the benefit is further reduced 5/12 of one percent per month.

Do you live longer if you retire early? ›

The idea of taking early retirement for health reasons is not new: several research studies in recent years have found that stopping work early can have health benefits and help to increase the length of your life.

Can I retire at 55 and collect social security? ›

You must be at least 62 for the entire month to receive benefits. Percentages are approximate due to rounding.

What is the 25x rule for early retirement? ›

If you want to be sure you're saving enough for retirement, the 25x rule can help. This rule of thumb says investors should have saved 25 times their planned annual expenses by the time they retire, according to brokerage Charles Schwab.

Is $1,000,000 enough to retire at 55? ›

It's definitely possible, but there are several factors to consider—including cost of living, the taxes you'll owe on your withdrawals, and how you want to live in retirement—when thinking about how much money you'll need to retire in the future.

What is the best way to put money away for retirement? ›

A great way to save for retirement is in a retirement savings account. That's because retirement-specific accounts like IRAs and 401(k)s were created specifically to give people incentives to save for retirement.

How much should a 50 year old have saved for retirement? ›

By age 50, you'll want to have around six times your salary saved. If you're behind on saving in your 40s and 50s, aim to pay down your debt to free up funds each month. Also, be sure to take advantage of retirement plans and high-interest savings accounts.

Can I retire at 40 with 1 million dollars? ›

Retiring at 40 may sound like a pipe dream. But it's entirely within reach if you save $1 million while working. The key elements for achieving this feat are sticking to a budget and implementing a comprehensive retirement strategy.

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