Women – Planning for Retirement
Women have experienced a great deal of change over the course of the last few decades. This generation’s women are much more likely than previous generations to work outside the home and hold college degrees. While today’s women have more economic opportunity than ever before, they also have greater financial responsibilities, especially when planning for retirement.
Women in the past usually went into retirement with a spousal Social Security benefit, affordable private health care in addition to Medicare, a pension and the deed to their mortgage-free home. Today, on the other hand, many women head into retirement with a debt of $25,000 or more, without pensions, and at very best with a 401K or IRA savings. Furthermore, as the cost of private insurance continues to rise, retirement is becoming more and more expensive to finance.
Because of changing gender dynamics and increasing costs of retirement, many women are changing their idea of retirement. An increasing number of individuals plan to work outside the home later into life, pursue a higher education, or volunteer. In subsequent blogs we will discuss ways that women in modern America can take advantage of available opportunities and rise to the challenge of long term life planning.