Women have special considerations when it comes to planning for retirement. Why? Here are 3 reasons:
- Women have a longer life expectancy
- Women “traditionally” have allowed their husbands to control the finances
- If a woman has children, she may have been out of the workforce due to child-bearing and childcare
According to the Center for Disease Control, the average life expectancy for women is 81, and for men it is 76. Therefore, women need to know how to manage their finances, and women need to prepare for a longer retirement! Women should be actively involved in managing the household finances. Women should know about all bank and investment accounts, insurance policies, real estate owned, automobiles, precious metals. Women also need to know about liabilities such as mortgages, automobile loans, personal loans, and credit cards. The best way to search for assets and liabilities is to order a credit report. For more on the importance of financial literacy for women, click here. To learn more about the affect of child-bearing on women’s wages, click here. For details on preparing for retirement, click here.
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