Wednesday, July 09, 2008

Longer Life Puts Women at Risk in Retirement

Category: Financial Planning

We ladies have it hard enough dealing with glass ceilings, boys networks, balancing family and careers, and caring for older family members. Even with balancing all this, we statistically live longer than men. The problem with this? Our "family first" and "go along to get along" attitudes can cost of down the road when we live longer, save less, and have higher health care costs.

Longer lives, less pay — women not saving enough - Yahoo! News: "NEW YORK - Women may not earn as much as men or fly up the corporate ladder as quickly, but They get the last laugh since they live longer. Right? ADVERTISEMENT As it turns out, women probably aren't saving enough to bankroll those extra years in style.

They invest more conservatively, start saving later and are more likely to be in and
out of the work force, according to a study released Wednesday by Hewitt Associates, a human resources consulting firm. Suddenly, retirement isn't looking so rosy.

Women live an average of 22 years after retirement versus 19 years for men and medical costs are rising, so women will need to save 2 percent more than men every year over 30 years to maintain their standard of living upon retirement, the study found."

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