How can senior women improve their retirement outlook? - Ahwatukee Foothills News: Money

default avatar
Welcome to the site! Login or Signup below.
|
||
Logout|My Dashboard

How can senior women improve their retirement outlook?

Print
Font Size:
Default font size
Larger font size

Kim DeVoss

Related Stories

Posted: Wednesday, October 19, 2011 9:00 am

If you are a senior woman, you need to be diligent in managing your financial resources to enjoy a comfortable lifestyle in retirement. Fortunately, by planning ahead and making the right moves, you can help alleviate any inequalities that may exist between you and the men of the world.

What are some of these disparities? Here are a couple to consider:

• Longer life expectancy. Both women and men are living longer these days. But you've still got the edge: A woman reaching age 65 can expect to live 19.8 years, while a 65-year-old man can anticipate 16.8 years, according to the U.S. Department of Health and Human Services. And more years of life mean more expenses.

• Lower earnings. The "wage gap" between men and women has narrowed, but it hasn't disappeared. Women who work full time still earn, on average, only about 77 cents for every dollar earned by men, according to the U.S. Census Bureau. And women drop out of the work force for an average of 12 years to care for young children or aging parents, according to the Older Women's League, a research and advocacy group. And this time away from the workforce results in more than $500,000 in lost wages.

Furthermore, there may be lifestyle issues that put greater financial pressure on senior women. For example, when it comes to giving money to their adult children, women may be more generous than men. Of course, that's hard to prove, but according to annual surveys conducted by the Higher Education Research Institute at the University of California at Los Angeles, there has been one major, consistent disparity between the sexes over the past four decades: Approximately two-thirds of women say "helping others who are in difficulty" is an essential or very important life objective, compared to only half of the men. Thus, it seems plausible that retired women may be more committed to providing assistance to their grown children - which, of course, could lead to additional financial strains.

Taking all these factors together, it's clear that, as retirement approaches, you need to take action. Here are a few suggestions:

• Take advantage of your retirement plan. Put in as much as you can possibly afford to your IRA and your 401(k) or other employer-sponsored plan. Every time you get a raise, try to increase the amount you contribute to your retirement plan.

• Know how much to expect from Social Security. Contact Social Security at www.ssa.gov to make sure your earnings records are right, and to find out the size of your benefits checks.

• Be aware of wills, trusts and beneficiary designations. If you are married, make sure you know what legal arrangements have been made for you to receive financial assets from your husband should you outlive him - which, statistically speaking, is likely.

• Get professional help. To identify and quantify your retirement planning goals, and to choose the mix of investments that can help you make progress toward those goals, you may well want to work with a financial professional.

• Stay informed. Whether you're single or married, divorced or widowed, know where you stand in regard to your savings, investments and retirement plans. Your financial future is in your hands, so get a good grip on it.

• This article was written by Edward Jones for use by Ahwatukee Foothills Edward Jones Financial Advisor Kim DeVoss, CFP. Reach her at (480) 785-4751 or Kim.DeVoss@edwardjones.com.

More about

More about

More about

  • Discuss

Three people rescued from stuck roller coaster in Phoenix

Fire crews rescued three people stuck on a roller coaster Sunday afternoon at Castles N’ Coasters in Phoenix. The Desert Storm coaster was stu…

Published: June 26, 2016 - 11:42 pm @ http://ktar.com/story/1142897/castles-in-coasters-…

Drones being used by Phoenix Fire Department

The Phoenix Fire Department has some new sets of eyes in the sky which could help first responders save more lives. Drones are the newest tool…

Published: June 26, 2016 - 11:31 pm @ http://www.fox10phoenix.com/news/arizona-news/1654…

Technology transforms used-vehicle retailing

Will consumers buy used vehicles sight unseen from people they don't know? They will if the deal goes through a third party they trust, and if…

Published: June 26, 2016 - 11:12 pm @ http://www.autonews.com/article/20160627/RETAIL04/…

Phoenix Things to do: 11 events to check out this week around the Valley (June 27

PHOENIX - Another hot weekend in Arizona over! If you're planning ahead, its a holiday weekend. Technically, the Fourth of July is a week away…

Published: June 26, 2016 - 11:00 pm @ http://www.abc15.com/entertainment/events/phoenix-…

New wildfire: Racetrack Fire burning northeast of Tucson

TUCSON, AZ - A new wildfire has ignited in the mountains northeast of Tucson. Officials he fire started near Redington Road in the Catalina mo…

Published: June 26, 2016 - 10:02 pm @ http://www.abc15.com/news/region-central-southern-…

WATCH: Are the Arizona Cardinals on the verge of replacing the Dallas Cowboys as America's Team?

"All or Nothing," an eight-part documentary series that details the Arizona Cardinals' 2015 season both on and off the field, will debut on Am…

Published: June 26, 2016 - 10:00 pm @ http://www.abc15.com/sports/sports-blogs-local/wat…

The 8 most popular jobs in the marijuana industry

Topics: AlterNet, Arizona, Maine, marijuana, marijuana edibles, Nevada, Pot, Business News, Life News This article originally appeared on Alte…

Published: June 26, 2016 - 9:28 pm @ http://www.salon.com/2016/06/24/the_8_most_popular…

Pope says Church should ask gay community for forgiveness for past treatment

Driving in Canada Canada - a home away from home Canada, it's time to change! Living with a disability in Indo-Canadian society The empire str…

Published: June 26, 2016 - 9:32 pm @ http://timesofindia.indiatimes.com/world/europe/Po…

Wearable Tech Catapulting Health and Fitness into the Future

Do you think your smartwatch, with its heart rate monitor, step counter, calorie tracker and message notifications, is impressive? You ain’t s…

Published: June 26, 2016 - 8:58 pm @ http://www.corespirit.com/wearable-technology-cata…

Brewer vs. O'Malley: Talk of racists and fascists

Former Govs. Martin O’Malley and Jan Brewer tussled on Sunday morning over Donald Trump’s rhetoric, with O’Malley ultimately telling Brewer: “…

Published: June 26, 2016 - 7:28 pm @ http://www.politico.com/story/2016/06/brewer-omall…

Facebook

ahwatukee.com on Facebook

Twitter

ahwatukee.com on Twitter

RSS

Subscribe to ahwatukee.com via RSS

RSS Feeds

Spacer4px

Most Popular

Online poll

Loading…