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Advice to women: develop a better retirement plan
3/1/2011 12:00:00 AM
Many women aren't saving enough money for retirement, according to a February 2011 article on Forbes website, which said American women on average have put aside less than 7% of the amount needed to carry them through their golden years1.
Women's life expectancy continues to rise each year, with the article saying the average American woman often lives almost 20 years after retiring at age 65. Anna Rappaport, the co-author of a study from the Society of Actuaries, told the news source that research found 92% of female retirees have no long-term plans that will allow them to cover all of their expenses2.
A large portion of women will likely live longer than their spouses, Claudia Fine, a chief professional officer at SeniorBridge, told Forbes. Because of this, she said it is likely many women will experience multiple chronic illnesses in their later years, making amenities such as health insurance and funds to maintain their lifestyle in retirement necessary.
According to the Employee Benefit Research Institute, in 2010 only 69% of American workers said they had saved for their retirement, down from 75% in 2009.
It is wise to consult with a Royal Neighbors agent, (866) 845-6665, or a financial advisor for help in developing a sound plan of action for retirement.
1 Retirement Fitness Survey, Wells Fargo, December 2010
2 The Impact of Retirement Risk on Women, Society of Actuaries, 2009
Women & Insurance