Women and retirement planning
A lot of the attention to retirement planning has been spent on preparing men for retirement. That's a crock since women are going to live longer than men. And still have the rest of the retirement savings, what's left of it anyway, to use.
But, if a majority of male baby boomers are having trouble saving for retirement, are female baby boomers in the same boat?
You don't have to answer.
This lens will talk about how women can plan for their retirement and start saving for their retirement lives.
Setting up a retirement plan and saving for your retirement may be many years away for you but, if you start early, especially in your twenties and thirties and do that until you retire in your fifties and sixties, you'll have a much more comfortable retirement than your female counterparts who didn't save anything and now are relying on the government to help them out.
Planning for your retirement may seem too far in the future but it can be here before you know it and the sooner you start saving the better off you'll be when it sneaks up on you.
Retirement Planning News and Tips
Fetching RSS feed... please stand byWomen retirement statistics
Why the emphasis on preparing women for retirement?
Women don't work as long as men do at the same job. This is due to taking time off to care for the family to raise the kids. So women don't build up the required years to qualify for a sizable pension or retirement plan, leaving them with little or no savings from the company's they are working for.
Women live longer than men. If you retire at 55, you can expect to live another 27 years on average. Men can expect to live another 23 years on average. If you're married and your husband was the bread winner and you have no retirement savings of your own, where will the income come from for those extra 4 years?
Women also are risk averse when it comes to investing, choosing to invest in conservative investments and bonds which have guaranteed returns but lower overall returns. You'll preserve your capital but you won't have much to show for it when you retire and start drawing on those savings. So the choice is either have more money working for you in low, but safe, investment vehicles as you near retirement or invest more aggressively.
Either way, women need to read about retirement planning as much or even more so than men because you will be spending more of your life in retirement. Talk to a financial advisor, read retirement planning books and check out all the free resources out there to help you save for your retirement. Most people have less than $60,000 saved in a 401k or IRA. There is no way this will last men or women for 20+ years of retirement. The government is not going to be able to supplement everyone...
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Retirement planning books for women
Women Confronting Retirement: A Nontraditional Guide
I found this book very interesting. Since these women have led active professional lives, often politically active as well, their stories are really compelling. They face the issue of retirement, and its problems, with so much honesty that I was genuinely riveted by their experience. Some of them have decided to go on leading rich and exciting lives in retirement, while others have chosen to enjoy their freedom by luxuriating in relaxation. Almost all of them give absorbing accounts of their experience, and those few who don't, you can skip.
Amazon Price: $20.65 (as of 07/10/2009) 
You've Earned It, Don't Lose It : Mistakes You Can't Afford to Make When You Retire
Retirement Planning: This was indeed the best book I have read on retirement planning and things you should and should not do to protect retirement earnings. I wholeheartedly recommend it to anyone to read well before retirement.
Amazon Price: $11.70 (as of 07/10/2009)
The New Working Woman's Guide to Retirement Planning: Saving and Investing Now for a Secure Future
As a financial advisor who specializes in working with women, I am so happy to see something for the general consumer that has a lot of meat to it. Usually most of the retirement information gets briefly mentioned and then brushed aside with a note that it's important stuff and you need to understand it--but there's usually no help given on how to understand it! This book provides the help in an easy to read and understand format. Love it!
Amazon Price: $26.50 (as of 07/10/2009)
How much do you need to retire?
Do you know what you need to retire?
Terry Savage: How Much Money Do I Need to Retire?
Buy this DVD at: http://www.betterlifemedia.com/shop.do?pID=724 Terry's financial expertise comes from experience. she started her career as a stockbroker, and became a founding member - and the first woman trader - on the chicago board options exchange. Terry offers advice ranging from investments to withdrawal calculations to long-term care insurance -- to make sure your money lasts as long as you do! Columnist and commentator Terry Savage delivers straight talk on: Putting time to work in building a nest egg; How credit card debt can work against you; The best place to grow your money; Where to find free personalized advice; and more. You can buy her entire packaged DVD presentation at www.betterlifemedia.com/Google/terry_savage.jsp
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Retirement Planning Links
What every woman should know about retirement and Social Security
- What every woman should know about retirement and Social Security
- This helpful guide offers tips for getting the most out of Social Security. Social Security should only be considered as a backup not as the only means of paying for your retirement
Long term care insurance to protect your retirement savings
Find out about long term care insurance
But these new longevity drugs and home health care expenses are not cheap.
Get a free guide to long term care below:
Many people don't realize the Medicare provides only limited coverage. Long Term Care Insurance helps you to protect your assets and ensure that you will be cared for after retirement.
How to invest for retirement
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This lens features some helpful tips for women and planning their retirement. You're going to live longer than men so you better prepare...
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