Ways women over 50 can achieve financial fitness before retirement
the following info was found on pbs.org
By and large, women over 50 will have different financial challenges than their male counterparts, so keeping financially fit is important.
Keeping physically fit is always important, but as we age, it becomes even more imperative to maintaining quality of life. Keeping physically fit is always important, but as we age, it becomes even more imperative to maintaining quality of life. According to personal finance expert and Next Avenue contributor Kerry Hannon, the same is true for financial fitness.
Hannon stresses the importance of “financial fitness” for women, and especially for female members of the baby boomer generation, who are now entering their fifties and beyond. “Women have been part of the workforce more in this generation than before,” Hannon says, they are also likely to stay in the workforce longer. The full retirement age for Social Security has risen from 65 to 67, and, according to Transamerica Center for Retirement Studies’ “Fifteen Facts About Women’s Retirement Outlook,” 57 percent of women plan to retire after age 65 or not at all.
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the following is my view
So, let's take a look at that last paragraph. Wow, 57 % of women plan to work past age 65, or not at all. Gee, I would love to know how many of that percentage of women are not planning to retire at all. I bet it would be a large part of that number.
When I hear on the news how the younger generation is the first to live as well financially as their parents, I think, oh really? How wrong that is... My parents were not rich, but my dad was able to retire and have pensions from two places he had worked, my mom was able to receive social security, although she never had a full time paid job. She did work part time throughout the years. She also raised six children. Now, so many women will not get social security and in reality, how many people, men or women are retiring now with pensions from 20 years or more?
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pbs
Women face some unique challenges in planning for their financial future. Women famously earn 78 cents for every dollar earned by men. In a recent article for Next Avenue, Hannon points out that women are more likely to deviate from their career paths by taking time off to raise children or care for aging parents. They also tend to work for smaller firms and nonprofits that may not offer to match employees’ contributions to their retirement savings plans, if they offer a plan at all. On top of that, Hannon says, “most American women will find themselves single at some point from the age of 65 to the end of life.” This means women should be prepared to navigate the financial world on their own in their golden years.
Research suggests the average American woman does not believe she is up to the challenge. A Fidelity study released in February found that 82 percent of women were confident in their ability to budget and manage their daily finances, but only 37 percent of women felt confident planning for their retirement. Hannon offers the following financial fitness regimen for women in their 50s who are seeking to increase their financial know-how.
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my view
It's kind of baffling that women feel they are not able to plan for their retirement. Yet they are usually the ones raising the children, balancing a job outside of the home, balancing money between childcare, food, bills, clothing, and emergencies.
Women usually put everyone first, and don't focus on their health, so it makes sense they wouldn't in later years.
In the next post, let's look at making time for ourselves. Fitness of mind and body.
Beginning article
http://olderwomenrockon.blogspot.com/2016/12/women.html
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