Retirement Planning For Women
Retirement planning is important for all workers, but retirement planning for women is a special field. A growing number of financial planners understand this and tailor their services to women. Here are the facts, Ma'am.
On average, women live longer than men. Most of us know that. Some of us are glad that we have more time to enjoy our retirement.
BUT. . .
. . .we also need to fund a longer retirement.
And we often have to fund that retirement with fewer years of work. A man may take one or two years off from his work life. A woman takes much more time off, often ten years or more.
While women work, we are often paid much less than men. That means we have less money available to invest in our retirement. Women save only one half as much as men.
Even if a woman is covered by a spouse's pension plan, 80%-90% of all women will be responsible for their own finances for at least part of their lives. It's also true that 80% of women who were financially fine while married live in poverty once widowed. This means that retirement planning for women is for ALL women, not only for single women.
Not all the news is bad.
Women are much more likely than men to search out and take professional advice. While men rely on their buddies to tell them how to invest, women ask financial planners. The advice costs money. But it also saves money in the long run.
If you aren't planning for your retirement yet, start now. Every $10 you put aside now is $10 more financial security for the future. Properly invested, it is much more.
If you have a story to share about retirement planning for women, either women you know or just general information, please let me know.
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