{"id":8342,"date":"2010-01-20T05:00:29","date_gmt":"2010-01-20T13:00:29","guid":{"rendered":"http:\/\/getrichslowly.org\/blog\/?p=8342"},"modified":"2019-08-25T12:41:10","modified_gmt":"2019-08-25T19:41:10","slug":"women-and-retirement","status":"publish","type":"post","link":"https:\/\/www.getrichslowly.org\/women-and-retirement\/","title":{"rendered":"Women and Retirement"},"content":{"rendered":"
I don’t know about Get Rich Slowly readers, but I can tell you that the majority of Motley Fool readers are guys, and that’s true of most financial publications.<\/p>\n
That men are more likely to be consumers of investment information could explain the gender gap<\/a> in financial literacy \u2014 especially among older Americans \u2014 that some studies have uncovered. I don’t mean to demean the better-smelling sex; in fact, some studies have found women deliver better investment returns than men do<\/a>. But the deficit in financial literacy is especially troubling given the other challenges women face in retirement planning. Some of these challenges are faced by all women, while others pose particular problems for women who are or were married, especially if they put their careers on hold to raise a family.<\/p>\n The Troubling Statistics<\/strong><\/em> In addition, here are some sobering facts from the Center for Retirement Research<\/a>:<\/p>\n What’s a Woman to Do?<\/strong><\/em> For married couples, both spouses should be involved in the day-to-day management of the finances<\/strong>. If one person handles the finances and the other doesn’t want to take over after he or she becomes widowed, assemble a list of trusted advisors who could assume those duties.<\/p>\n Remember that a married person can receive a Social Security benefit based on his or her work record or their spouse’s work record, whichever is greater. Because of their lower lifetime earnings, approximately two-thirds of wives receive benefits based on their husband’s record. But if the husband applies for Social Security benefits early \u2014 and thus receives a reduced monthly payment \u2014 the survivor benefit will also be lower.<\/p>\n For this reason, husbands should consider postponing the application for Social Security benefits as long as possible. The same principle generally applies to defined-benefit pensions, so be sure to consider the benefit to the surviving spouse when you’re deciding when to receive your pension and in what form.<\/p>\n","protected":false},"excerpt":{"rendered":" I don’t know about Get Rich Slowly readers, but I can tell you that the majority of Motley Fool readers are guys, and that’s true of most financial publications.<\/p>\n That men are more likely to be consumers of investment information could explain the gender gap<\/a> in financial literacy \u2014 especially among older Americans \u2014 that some studies have uncovered. I don’t mean to demean the better-smelling sex; in fact, some studies have found women deliver better investment returns than men do<\/a>. But the deficit in financial literacy is especially troubling given the other challenges women face in retirement planning. Some of these challenges are faced by all women, while others pose particular problems for women who are or were married, especially if they put their careers on hold to raise a family.<\/p>\n The Troubling Statistics<\/strong><\/em>
\nHere are some stats to put it in perspective:<\/p>\n\n
\n
\nThe solution for all women \u2014 single, married, widowed, or divorced \u2014 is to take control of their financial futures. It stands to reason that since women live longer, they should consider retiring later. Postponing retirement can mean a larger nest egg and Social Security benefits. Note that Social Security benefits are based on your highest 35 years of earnings. If you worked fewer than 35 years, those no- and low-earning years might be used to calculate your benefit. By working a few more years, you can increase your benefit. Also, non-working spouses can contribute to a spousal IRA, allowing for more tax-advantaged savings.<\/p>\n
\nHere are some stats to put it in perspective:<\/p>\n","protected":false},"author":1422,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[493,496],"acf":[],"_links":{"self":[{"href":"https:\/\/www.getrichslowly.org\/wp-json\/wp\/v2\/posts\/8342"}],"collection":[{"href":"https:\/\/www.getrichslowly.org\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.getrichslowly.org\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.getrichslowly.org\/wp-json\/wp\/v2\/users\/1422"}],"replies":[{"embeddable":true,"href":"https:\/\/www.getrichslowly.org\/wp-json\/wp\/v2\/comments?post=8342"}],"version-history":[{"count":0,"href":"https:\/\/www.getrichslowly.org\/wp-json\/wp\/v2\/posts\/8342\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.getrichslowly.org\/wp-json\/wp\/v2\/media?parent=8342"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.getrichslowly.org\/wp-json\/wp\/v2\/categories?post=8342"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}