Early Retirement Planning Important For Women
Older Women Twice As Likely To Be Poor As Men
POSTED: Wednesday, January 18, 2006
UPDATED: 2:03 pm EST January 18,
2006
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CLEVELAND -- Many of us dream of setting off on new adventures when we hit retirement, but if you're a woman, the only new adventure you're likely to have is figuring out how to make ends meet once you hit 65, reported WEWS-TV.Older woman today are twice as likely as men to be poor, and right now, tens of thousands are on the road to retirement disaster, the television station reported.But there are some tips to follow to help woman retool their retirement future.When 33-year-old Sacha Blair got her MBA, she thought her financial house would soon be in order. She didn't count on the bleak job market, and not being able to find a full-time job.Saddled with bills and $80,000 in student loans, Blair lives with her parents.She meets with a financial counselor weekly, trying to get out of debt, but saving for the future is a different story."I currently work two part-time jobs, and neither of them offer a 401(k) or any retirement or benefits," said Blair.But experts say that single or married, women need to start preparing as early as possible.So why do women have a more difficult financial situation then men?The television station reported that because women live longer, their money has to last longer. But they still earn thousands less per year than men, and that means less to invest or save.Women also go in and out of the workforce more frequently, which means less Social Security.Another thing to think about is that 70 percent of unpaid caregivers are women, so taking time off from working to be a stay-at-home mom or deal with elderly parents also has a big effect on a woman's financial future.You can get more information by visiting the Women's Institute For A Secure Retirement's Web site.
Previous Stories:
- January 16, 2006: Saving for Retirement: It's About Time!
- January 4, 2006: Financial Advisor Offers Tips For Retirement Planning
- December 13, 2005: Survey Ranks Cities, States With Best Savers
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