Women’s Issues and Retirement
In 2017, women organized and made headway toward real change, making it a hallmark year for women’s issues. The year started with the Women’s March in January and ended with the #MeToo movement spreading across the globe.1 In addition, record numbers of women considered running for public office.2
The thing is, many of the factors that may disadvantage women could also cause a drag on America’s economy. For example, challenges such as pay disparity and responsibility for the majority of caregiving (meaning less time in the workforce) can lead to lower savings opportunities for women. As a result, women are 80 percent more likely than men to live in poverty at age 65 and older, according to a report by the National Institute on Retirement Security.3
The upshot is that all women — even those who are married or in a committed relationship — need to have their own financial plan, recommends a new study from the Center for Retirement Research (CRR) at Boston College. That doesn’t necessarily mean every woman needs her own career or earnings; it simply recognizes that both spouses should be aware of the need to plan for a woman’s income sources should she survive her spouse or should the couple divorce.4
Singles and couples concerned about protecting a portion of their retirement assets may want to consider insurance options, such as annuities and life insurance. We would be happy to help assess your insurance needs; just give us a call.
It is equally important to work with an attorney to get all documents signed and in place for an estate plan. In 2016, 34 percent of U.S. women age 65 and older were widows. In total, 55 percent of women over age 65 were single.5 It behooves all women, whether single or married, to make the effort to prepare for their financial future.
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Our firm assists retirees and pre-retirees in the creation of retirement strategies utilizing investment and insurance products. Advisory services offered through B.O.S.S. Retirement Advisors, a Registered Investment Advisory firm.. Insurance products and services offered through B.O.S.S. Retirement Solutions. Marketing materials provided by Infinity Marketing Services. Reverse mortgage loan origination services are offered through Just Reverse Mortgage (NMLS# 349667), a Utah licensed mortgage broker and subsidiary of B.O.S.S. Retirement Solutions. Brian Thompson is a licenses loan originator (NMLS # 22476). www.NMLSConsumerACCESS.org
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This content is provided for informational purposes only. It is provided by third parties and has been obtained from sources believed to be reliable, but accuracy and completeness cannot be guaranteed. The information is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual’s situation.We are not affiliated with any government agency including the Social Security Administration.
1 Melinda Gates. Yahoo. Dec. 16, 2017. “Melinda Gates: 2017 is the year our daughters will tell theirs about.” https://www.yahoo.com/lifestyle/melinda-gates-2017-year-daughters-will-tell-130032809.html?linkId=46306505. Accessed Jan. 8, 2018.
2 John Bowden. The Hill. Nov. 4, 2017. “Women are running for office in record numbers.” http://thehill.com/homenews/campaign/358780-women-are-running-for-office-in-record-numbers. Accessed Jan. 8, 2018.
3 Kara Stiles. Forbes. Dec. 7, 2017. “The Unsettling Truth About Women and Retirement.” https://www.forbes.com/sites/karastiles/2017/12/07/the-unsettling-truth-about-women-and-retirement/#77df97bf1b63. Accessed Jan. 8, 2018.
4 Bernice Napach. ThinkAdvisor. Aug. 15, 2017. “Married Women Need Their Own Financial Plan: Study.” http://www.thinkadvisor.com/2017/08/15/married-women-need-their-own-financial-plan-study. Accessed Jan. 8, 2018.
5 U.S. Department of Health and Human Services. “A Profile of Older Americans: 2016.” https://www.giaging.org/documents/A_Profile_of_Older_Americans__2016.pdf. Accessed Jan. 23, 2018.
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