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Why Women Need to Plan for their Retirement
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| Guest post by: Rhonda Sherwood |
Article Overview: As women, we are likely to outlive our spouses or partners by an average of 5 years. Although this may seem financially insignificant when planning for a 20 to 25 year retirement, it could potentially be our most expensive years.
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Free Download - 7 keys to taking control of your finances for the first time By Rhonda Sherwood |
Why Women Need to Plan for their Retirement
Why Women Need to Plan for their Retirement
As women, we are likely to outlive our spouses or partners by an average of 5 years. Although this may seem financially insignificant when planning for a 20 to 25 year retirement, it could potentially be our most expensive years.
Things We Women Need To Know
• 80% of men die married, while 80% of women die single. 75% of women living in poverty today were not poor before they were widowed.
• In 2005, women earned 84 cents for each dollar earned by men.
• The average income of a married woman is less than that of single women because the former take on more family responsibilities.
• Many women either stop working or work less hours when they have young children. This means they are not contributing to a company pension plan or an RRSP.
• Women tend to either be self-employed, have part-time jobs or work for a flat rate, all of which influence the savings.
So how has this really impacted us?
Let’s see - we need the same monthly income to live on as men but continue to earn less. Our broken work patterns or part time jobs have drastically impacted our ability to save and hence, the future value of our RRSP’s and pension plans are affected. And due to the increasing divorce rates we have found ourselves not only to be the primary caregivers for our families but in many cases the sole or main financial source. What money or time is left over to put towards planning our retirement?
As compelling as each of our stories is, the fact remains the same; older women who are single or widowed are most at risk for poverty. Although one would think that the likelihood of spending our Golden Years in a state of financial hardship would be more than enough of a motivation to get us into serious planning mode, less than 35% of women today actually do so. So if you take anything away from my words let it be this, it does not matter whether you are single, married, widowed, a business woman or a stay at home mom; take charge of your retirement planning today. Regardless of income, you will be the one who decides your level of financial security in retirement
Article Tags: average income, business woman, caregivers, company pension plan, family responsibilities, financial hardship, financial source, future value, increasing divorce rates, likelihood, married woman, motivation, older women, part time jobs, pension plans, poverty, single women, stay at home, stay at home mom, work patterns
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About the Author: Rhonda Sherwood RSS for Rhonda's articles - Visit Rhonda's website ItsHERmoney- helping women get smart about money. For Rhonda Sherwood, ‘how to achieve financial success’ isn’t such a mystery. With over 20 years experience in the financial services industry, Rhonda has developed an in depth knowledge of issues surrounding people and their money. Her years of work experience combined with her educational achievements have enabled her to educate and help others to reach their financial goals. A large portion of Rhonda’s time is directed towards educating women. She has made it her professional focus to break down the complex world of finance into the ‘need to know’ basics for women. Rhonda accomplishes this through one on one money coaching and financial planning sessions, through group workshops and through her well received newsletter, itsHERmoney. On the advice of many of her readers, Rhonda turned the newsletter into a website, itsHERmoney.com. The purpose of the site is to provide women information on a wide range of topics that will help to de-mystify financial matters. For more information, please go to www.rhondasherwood.com or www.itsHERmoney.com. Click here to visit Rhonda's website How to have financial conversations with your parents Giving money to adult kids What should I do with my tax refund Why Women Need to Plan for their Retirement 6 things you MUSTDO to ensure your family survives a job loss |
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