Taking Care of Retirement

Women work as hard as anyone, right? So, they should enjoy the same benefits as anyone, right? 

Unfortunately, what seems right isn't always the way things go. In fact, many women may be lagging behind men when it comes to being financially prepared for retirement.

Why? Well…

• Women tend to earn less than men, dollar for dollar
• In 2003, women's average monthly Social Security retirement benefit was $798; men's average benefit was $1,039¹

What does this mean?

The average woman will generally make less in her life than a man with the same job and, because she’s often the primary caregiver for her children and aging parents, she spends more time out of the work force.

So, women end up putting less money aside for retirement and fewer years of employment to put toward a pension and Social Security benefits.

Add the fact that woman live longer than men, and you can see why you may have less retirement income to spread out over more years.

It's never too late

Luckily, more women are starting to see that helping their retirement dreams come true requires investing and planning for the future.

As you enter your later years, it’s a good idea to look into the benefits that would be available to you if you become widowed. Consider discussing an estate plan with your investment professional.

Every woman can be responsible for her own financial future. Take time and make the effort to save and plan and you'll be able to enter retirement with confidence. Knowing that you have done everything you can to help your dreams come true.

¹Social Security Administration (www.ssa.gov), September 2005

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