12 SURPRISING THINGS WOMEN SHOULD KNOW ABOUT RETIREMENT PLANNING

Max Wong, contributor to “Wise Bread” highlights a number of recently defined concerns women have about Retirement. He also finds that they have fears “ that my retirement will see me living on the street, homeless and destitute”.

I found his article surprising – some of it even a little insulting to women.  In fact – his summation, “ women of every age can take steps to improve their retirement readiness.”, actually applies to everyone.

Anyway – here’s what Max Wong says;

Although women continue to make huge strides in school and in the workplace they are at a much greater risk of financial insecurity in later life than men for a number of reasons.

  • Longevity Does Not Work in Women’s Favor
  • 54% of Women Don’t Plan to Retire, Ever
  • Almost Half of All Women Plan to Work Through Retirement
  • Baby Boomers Are Still Living the Dream
  • Time Off for Caregiving Negatively Impacts Retirement
  • The Majority of Women Expect to Self-Fund Retirement
  • Part-Time Work is a Woman’s Work
  • Women Are Less Likely to Be Offered a Retirement Plan
  • Women’s Annual Contributions to retirement plans Lag Behind Men
  • Fewer Women Take Advantage of Retirement Plans Than Men
  • Women Think They Will Only Need $800,000 to Retire Comfortably
  • Women Are Guessing Their Retirement Savings Needs

The answers, he highlights are – be intentional:

  • Develop a Retirement Strategy and Put It on Paper
  • Plan Your Parenthood
  • Seek Retirement Benefits
  • Participate in Company Plans
  • Educate Yourself About Retirement Investing
  • Have a Backup Plan
  • Actually Do the Math
  • Share Your Knowledge and Plans

Read the entire article

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