Baby Boomer Women Facing Big Problems Ahead
I recently read an article by Linda Gardner, Independent Investment Adviser Representative, and she cited seven reasons why women, between ages 53 and 71, are finding themselves is precarious positions in regards to their attitudes and expectations about what they had hoped to accomplish with their finances and the reality doesn’t match up with what they had expected.
Even while we were growing up, the times and opportunities changed, i.e. better education, jobs, careers and/or the husband took care of all financial decisions.
The rules and regulations for men vs. women planning for their retirements didn’t always work out the way we had expected.
Now, we are faced without the resources we expected to have for our retirements. With the #1 reason being — running out of money.
Below are seven questions baby-boomer women should ask themselves to better prepare for retirement:
1. Women are typically the primary caregivers for their families
2. Career choices were sometimes limited and so was the pay.
3. Participation in retirement program lags
4. Many women don’t pay enough attention to financial planning.
5. The average age when women take social security is 62.
6. Most women will likely have sole responsibility for their finances at some point.
7. Long-term care costs impact women.
