Retirement-Planning Tips for Women
Women often face special challenges when planning for retirement. For example, if they are the primary caregivers in their families, their careers may be interrupted to care for children or elderly parents, which means they may spend less time in the workforce and earn less money than men in the same age group. And even if they remain in the workforce, women still tend to earn less than men, on average. As a result their retirement plan balances, Social Security benefits, and pension benefits are often lower.
In addition to earning less, women generally live longer than men, which means having to stretch potentially limited retirement savings and benefits over many years.
To help yourself or the women in your life manage these financial challenges, consider the following tips…