Live Longer and Prosper! 7 Retirement Planning Tips for Women
You probably know that women have a longer life expectancy than men, but did you know that there are 105 males born for every 100 females to compensate? Women have a longer retirement than men, so start now to plan for it… Read More
A Longer Retirement with Fewer Assets
While women get to enjoy a few more years of life, they also have a number of special considerations to factor into planning for retirement. All things considered, the average woman has a longer retirement than the average man.
Their lifetime compensation tends to be lower due to the wage gap and shorter careers due to caring for their children as well as increasingly caring for their parents. Women also tend to invest more conservatively, leading to lower returns on their savings. So overall, they have longer retirements and typically have fewer assets at retirement.
A longer retirement isn’t troubling on its own. There’s more time to pursue things that might have put off. What makes it risky is that many women aren’t financially prepared for the years that lie ahead.
What’s more troubling is that many women don’t retire early by choice. Many become caregivers for an aging spouse or parent, and many others simply lose their jobs, according to Forbes.
Retirement planning isn’t solely the domain of men or couples. Women need to approach it vigorously, too. To get on the right track, here are seven tips that can make all those encore years more secure. That rainy day may be coming faster than you think!
Here are a few retirement planning tips for women who want to live longer and prosper.