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Many women facing retirement crisisPosted by Randy on: 2005-10-11 07:15:25 in category:
Retirement Headlines [ Print | Permalink / 0 Comment(s) ] Many women facing retirement crisis Washington.– Women are living longer than ever, which means facing some tough realities. The average life expectancy for a newborn girl in the U.S. is now just a hair under 80 (79.9 to be exact), according to the Centers for Disease Control, which tracks these things. For baby boys, it's 74.5, or about five years less. More to the point, the time a women spends in retirement is longer. At age 65, a woman's life expectancy is another 19.5 years. A man's is 16.6 years. The typical man retiring in 2000 had 44 years in the work force, according to the Social Security Administration. The typical woman had worked 32 years. Fewer working years means less opportunity to save for retirement and build Social Security benefits. It's not just that they took time off to have and raise children. They're more likely to interrupt their working years to care of sick parents or other relatives. Seven out of 10 unpaid care givers are women, according to AARP, and more than 50 percent of care givers make changes at work to accommodate their parents' needs. Those accommodations may include working different hours, working fewer hours or taking unpaid leaves of absence. It's hard to vie for promotions and income boosting overtime when you need to get home to bathe and feed your ailing parent. Women still earn less. Yes, the gap is shrinking, but the median income for full-time working women in 2001 was $30,420, compared to $40,136. for men. The average Social Security check for men and women show the difference in working years and income. Men received an average of $1,008 a month, while women received $774. If that isn't bad enough, women will probably die alone. Sorry, but that's the harsh reality. Those women who don't divorce are still likely to outlive their husbands. If he's substantially older than she, she could spend literally decades as a widow. They are going to need to know how to manage their money and to make sure they have enough to get them to the finish line. Women are much more likely to live below the poverty level in retirement. When you compare unmarried women (divorced, widowed or never married ) to married couples, the statistics are more shocking. Single women are four times more likely than couples to live in poverty. Women are not saving enough or at all. Survey after survey shows women lagging behind men in saving for retirement. They are less likely to participant in a 401(k) or other retirement plans at their workplace or to have an IRA or other retirement accounts outside of work. Homepage Other open community sites http://www.business-business.biz http://www.investment-investment.us Please support are sponsors. To design you custom retirement plan. http://www.retirement-plan.us For planning a IRA rollovers. http://www.ira-rollover.us Professional asset allocation and the wonders it can do. http://www.asset-allocation.us Managers selected to fit your needs. http://www.money-managers.us |
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