October 25, 2011 Posted by: Liann Walborsky
According to a recent study from the MetLife Mature Market Institute and the Scripps Gerontology Center at Miami University, women are simply not as prepared for retirement as they should be.
Because statistically, women outlive men (39% of women are expected to live to age 90+, while only 20% of men are expected to live this long), financial planning for those “extra” years (potentially without a partner or spouse) is critical. Women need to plan for the possibility of assisted care living, skilled nursing and long-term care, in addition to living within a community of neighbors and overall support. And, although many women are capable of saving and knowledgeable about their future needs, they still fall behind men in the planning department with approximately 34% of men (and only 28% of women) determining what they will need during their later years.
Women also face some unique issues – different from their male counterparts. Women are often the main caregiver to family members – which can mean a lower salary (or no salary) and less social security for their retirement years. Women also tend to leave the task of retirement planning to their husbands with, according to the report, only 34% of women stating that they are the primary person responsible for handling their savings. In addition, only 44% of women have determined what they will need to live on during their later years, compared with 58% of men.
There does appear to be some denial with more than half of all woman stating that they will deal with financial problems, “if and when they happen.” So, women, get with the program! Retirement may seem years away, but in the interest of your family and your own health, start asking questions, gathering information and planning for the future.
For more information on retirement planning or to set up an appointment with a Tech Wealth Management Financial Advisor, call us at 800.851.8549 or send an email today.
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