by Ter i Bennett
5 Reasons Women Must Plan for Retirement Differently Tan Men
I
ts true all is not fair in love and war… and retirement planning for men and women. When it comes to planning for the fu-
ture, everyone needs a financial strate- gy but for women it is even more criti- cal. Over the years, women have made significant progress in the economy and the workforce and continue to make impressive financial gains. How- ever, with all the success and opportu- nity for women in the marketplace, a lot more responsibility is added when it comes to money and financial deci- sions. Retirement planning can be more difficult for women than for men for a few reasons.
Women live longer The good news for women: they live longer, so they will have longer to enjoy their retirement. The bad news: We live longer, and so our retirement will be much more expensive than our male counterparts. On average women are expected to live an addi- tional five years longer than men and
10 Connect And Grow With Women In Our Community
must have the financial means to do so. Although this doesn’t seem like a long time, this could mean need- ing hundreds of thousands of dollars more in savings due to rising health care costs, inflation, and cost of living.
Lower pay compounded by fewer working years
We earn less than men. While some reports suggest the pay gap is nar- rowing, the Census Bureau said in September that full-time women em- ployees still make, on average, only 77 cents for every dollar earned by men. We tend to spend less time on the job, because of care-taking responsi- bilities for children and elderly parents (or both), and we are more likely than men to work part-time. Because of the part-time work and/or fewer years in the work force, we are less likely to be covered by company retirement or pension plans.
Lower Social Security benefits payouts
Due to the shorter working career,
y Joyrce Palmer
financial planning
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