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Do Older Women Have Enough Saved To Retire Well?

April 09, 2012 | Comments: 0 | Views: 160

One issue that seems to always be on the top of the mind of baby boomers is that of retirement savings. You may be surprised to know that women, on their own, have not done as good of a job as men have when it comes to putting away a nest egg for their retirement years. Let us explore some of the issues. Hopefully, we can get more women back on track when it comes to saving money for a comfortable retirement.

Women have almost reached parity with men when you look at a lot of economic indicators. Salaries and professional positions are becoming equal. This has been a hard fought battle, and often, an uphill climb. But as women are working hard to become the equals of men at work, we are still falling behind when it comes to saving money for the years after we stop working.

Which Women Are Not Saving For Retirement?

Make no mistake. This really is a problem with middle class women. These ladies are teachers, nurses, managers, and other professionals. Of course, even middle class people have problems with budgets, especially these days. But it is not just a lack of money, since middle class men seem to be doing a lot better.

The problem seems much less acute with women who have always, or almost always, been single. It is, of course, also less acute with married women who have a partner to take on part of the burden. It is a much bigger issue with women who are single now, due to death or divorce, but were in a long term relationship before. Obviously, these disruptions tend to hurt retirement plans.

Some surveys have suggested that women are also more conservative savers and investors. This happens in three ways.

Women may underestimate the amount of money that they will need for a comfortable retirement income. Men tend to believe they will need more money than women. This is interesting because women still can expect a longer life span.

Women also tend to invest in a more conservative manner. Sometimes, when the economy goes sour, this is a good thing. But over time, this can lead to some problems. Since the average interest rate of many savings accounts is lower than inflation, it can feel like you are actually losing money. It is very frustrating to save money, and then realize that the real value of your money has actually gone down.

Many women also take on a lot of the burden of child raising. Devoting time to child care may limit income for years. After children are grown, women may be a softer touch when it comes to helping grown kids out. More women probably need to learn to say no to excessive giving to adult children.

What Do Women Do Well?

I have always noticed that one big virtue that many women have is the ability to ask for directions. It is not too late to ask for help if you feel like your own retirement savings are not adequate.

Visit the Website For Older Women to explore a lot of issues, concerns, and joys that we have. Also read more about women saving for retirement.

Source: EzineArticles
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