Sixty six percent
of women over 35 will find themselves in poverty when they retire if they
don't start saving today. The bottom 40% of households have an average
net worth of $900, the majority of these are run by women. Many women
spend decades working out of the home, caring for children and the household.
Women lose out on Social Security benefits and the ability to build personal
savings. Women need to take control of their savings in order to build
a secure future. The easiest and the best way to take control of personal
savings is to start early. A small amount of money set aside early can
grow into a substantial amount of money in the future.
Retirement
Issues Facing Women
Women typically outlive
men.
Eighty percent of women
will die single.
Average age of widowhood
is 56.
Twenty-five percent
of all widows go through their husband's death benefit in two (2)
months.
Women don't always get benefits
from their husband's retirement plans.
Many men have a single,
life-only annuity for their Social Security and worker pension plans.
A widow or divorcee gets
nothing when a husband dies.
Many women choose to stay
at home while their children are growing up.
There is little money
to invest in personal savings.
The average 40 year
old woman has only $7,000 dollars saved for retirement
Women who choose to stay
home lose out on Social Security Benefits.
The average retired
woman gets $621 dollars a month from Social Security.
Many women don't have
pension plans in which to invest.
Only 10% of women
retire with pension plans.
Women change jobs
more frequently than men making it more difficult to secure a
pension plan.
Most women earn a lower
income than men.
Seventy-five percent
of women earn less than $25,000 in a year.
The average income of
a woman over 65 is $12,000.
Retirement Tips For Women
Start early
As with all investing,
they key is to start now. It is never to late to start investing
for the future. The earlier one starts investing, the greater the
possibility for returns.
Don't rely solely on your
spouse's retirement plan.
Be responsible for your
own financial future. A little money invested frequently over a long
period of time can add up to a large sum of money.
Saving is more important
for women.
Women outlive men by
an average of seven years. It is important to take this into consideration,
as most women will need more money for retirement than men.
Become involved
Do research on investing
and investment strategies. Join an investment club for women.
Social Security
Pensions are joint assets,
and can be divided in a divorce settlement.
If a marriage lasts for
more than ten (10) years, an ex-spouse can collect a portion of the
former spouse's social security as soon as that spouse turns 62 and
he/she does not qualify for Social Security on his/her own.
If you were married for
ten (10) years and divorced for two (2) years or more, a former spouse
qualifies for the same benefits as widow(er).
