It seems that the differences between men and women extend even into retirement and the planning for it. Here are five things women need to consider:
1. Women live longer.
What this really means is that women need to find the moola to pay the bills for a few years longer than men do. A woman turning 65 today can expect to live until 86.6; a man just has to make the money stretch, on average, to age 84.3, says the Social Security Administration.
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5. Part-time work rarely leads to a solid retirement.
Working part-time has been the compromise choice for many women who limit their work hours in order to better balance their family obligations. The problem is that part-time jobs generally don’t offer a retirement plan. According to the U.S. Department of Labor, out of the 62 million working women in the U.S. more than half — 55 percent — do not participate in a retirement plan at work.
The solution: Start socking money away in an IRA if you don’t have access to a pension or 401k plan at work.
