Retirement planning for women

Studies show that there are 60 million working women out there and a little less than half are enrolled in a retirement plan.

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...

Learn more retirement planning tips

One major issue that many people, men and women included, is underestimate the need for long term care and other health related costs. With all the advances in science and medicine, we are all living longer.

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.