Research by Northwestern Mutual reveals less than half of women surveyed feel financially prepared to live to age 75.
Only 37 percent think they can make it (financially) to 85. And, less than a third believe they’ll have funds to live to age 95.
Northwestern Mutual’s Rebekah Barsch, Vice President, Retirement Strategy, says, “Today we have the perfect storm – fewer defined benefits coupled with longevity.”
Life expectancy for American women is 81 years.
“Women should begin planning for retirement years as soon as they start working,” says Debra Donaldson Scott, a financial services representative at Vining Financial Services Inc.
“Because careers are often interrupted by caring for children and elderly parents, the contributions women make to retirement plans are significantly less than their male counterparts,” she adds.
What can you do to prepare for your financial future?
The amount of money needed relies heavily on the lifestyle you plan to have.
Today, many people in their 70’s are still living active lives and traveling.
Women can divide their retirement into two phases, assuming they will live into their mid-80’s at least.
The age at which you plan to slow down is where phase one ends and two begins. For example, you could plan up to age 75 and after age 75.
No one can be certain of how long they will live but, when it comes to retirement, overestimating is always better.
How long will you live? Take this assessment.
Bonus PINK Link: Scared to invest? Here are five things financial pros want you to know about the current economy.
Are you putting money aside for retirement?
By Alison Richter and L. Nicole Williams
Nicole is the Editor at Little PINK Book. Follow her on Twitter @iamnicwill.
“We can tell our values by looking at our checkbook stubs.” Gloria Steinem
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