Women and Retirement
Women, in particular single,divorced and widowed women, face different retirement challenges than men. The risk is intensified and one important reason is that women tend to live longer than men and need to save for a longer retirement.
At the same time, women also still face certain obstacles to saving that many men do not. For one thing, many women temporarily leave the workforce to raise a family or care for aging parents, which interferes with their ability to save. For another, on average, women still earn only 70% to 80% of what men earn in similar occupations.
Historically lower wages, and time taken from the workplace to care for family can mean that women, who generally live longer than men, save less, have saved less, will receive lower Social Security Benefits, and are less likely to have any sort of pension.
For women there may be greater challenges but the outlook does not have to be bleak.
For working women, making the most of your retirement savings opportunities, such as IRAs and 401(k)s, is important, and also looking at an after-tax account to save for retirement.
There are also options for Social Security benefits for those of you who have gone through a divorce or have lost your spouse.
Education and planning can be especially powerful for women. You need relevant, practical advice to help overcome any of the substantial obstacles you may face. At Cornerstone we strive to provide that education to not only our clients but our community. If you would like to sit down with a retirement planning specialist please give us a call at (775) 853-9033.