Women and Retirement
For baby boomers that grew up in the time of the women’s movement, being retirement age women is an amazing time in life. In fact, women and retirement isn’t discussed very often. This isn’t your momma’s retirement.
As a generation, we have worked much of our adulthood. We had our own money to invest and we had choices, which many of our mother’s didn’t. Women still face interesting challenges our male counterpoints don’t as retirement age women.
While most women look at being retired as an exciting new adventure, they also realize they are much more financially vulnerable. While the modern woman might have worked all or most of her adult life, she still made less money than her male counterpart. Women were more likely to be in support positions that earned less money.
More women were likely to be single parents raising children on their own. This affected them financially from both sides. It most likely affected their earning power, but they also faced expenses as a single, their married sisters didn’t have.
While this is the first generation to invest money, they tend to be more conservative in the financial planning. This might be good now, as they look at an unstable economy, but their might have been opportunities that passed them by.
Whether married now or not, women outlive men and most will find themselves as older single women. They will need more financial resources to sustain them in their elder years.
There are challenges retirement age women face. Women and retirement needn’t be a tragic situation. Women tend to be more creative and willing to look at interesting options than men. Remember the Golden Girls. Could that show have been about the golden boys? Probably, not as likely. Share your thoughts about women and retirement, both the challenges and opportunities.