Women Face Additional Retirement Challenges

Women face challenges that often make it more difficult for them than men to adequately save for retirement. In light of these challenges, women need to pay special attention to making the most of their money.

Women tend to earn less than men and work fewer years.

Women tend to change jobs or work part time more often, and they interrupt their careers to raise children. Consequently, they are less likely to qualify for company-sponsored retirement plans or receive the full benefits of those plans.

On average, women live 5 to 7 years longer than men, and thus need to build a larger retirement nest egg for themselves.

Some studies indicate women tend to invest less aggressively than men.

Women are less likely to be financially informed than men.

Women tend to lose more income than men following a divorce.

Women are twice as likely as men during retirement to receive income below the poverty level.

Retirement is a big purchase. The biggest one you may ever make. Yet you can afford it-with determination, hard work, a sound savings habit, the right knowledge, and a well-designed financial plan.

Remember, there is many ways to make your savings grow. Get information about the various solutions offered in the market to accumulate as much money as possible. Do not hesitate to see a financial planner to guide you through the financial planning exercise. The financial planner’s role is to help you choose a strategic action plan that is wholly adapted to your needs and that takes your constraints and personal goals into account.

 

Posted by Ardent Editor on Feb 21 2007 in Women & Retirement

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