There’s been a lot of talk recently about income equality, and although the income gap is substantially closing, one issue that is grossly overlooked is how it affects retirement – especially when considering female baby boomers who once held much more traditional roles in the home. These women are often more unprepared for retirement than their male counterparts due to less years in the workforce, lower paying jobs while in the workforce, and substantially different benefit and pension packages. Yet, it’s not uncommon for them to find themselves divorced or widowed once they hit their senior years. And if they are still married when nearing retirement, women typically tend to be less involved when it comes to retirement planning than their male spouses. All that being said, it’s important for women to educate themselves about their retirement needs.
Here’s what women can do to prepare themselves for retirement:
- Ask what you want out of retirement. What does your dream retirement look like? Sometimes this differs from a spouse, so it’s important to contemplate this question individually.
- What are the salary requirements to make this happen?
- Whether married or not, analyze what is already in place and determine if there are missing parts, and if so, what they are.
- Educate yourself about pension plans, Social Security benefits, and Medicare costs.
- Work with a financial adviser or retirement planner to determine what is available through established and potential sources of retirement income.
- Consider and discuss what additional income is needed, and what additional sources of retirement income may be available.
Copied from an email I received from Colleen Rideout, Security 1 Lending – Reverse Mortgage Specialist, NMLS# 413493, crideout.reversemortgage@gmail.com
I just heard the average American has only saved $45,000 for Retirement. Does that mean they are counting on Social Security? Do they believe that will be around for us like it was for our parents? Don’t mean to be depressing but you need to start saving something today. “Something is better than nothing” so do not let that be an excuse for not doing so. Its your responsibility for yourself, and your family.
