Women and Retirement
At TFG Wealth Management, we believe that special attention should be focused on the needs of women when planning for retirement. And here is why.
According to the Employee Benefits Security Administration, United States Department of Labor September 2019 Study.
Women are more likely to work in part-time jobs that don’t qualify for a retirement plan. And working women are more likely than men to interrupt their careers to take care of family members. Therefore, they work fewer years and contribute less toward their retirement, resulting in lower lifetime savings. If you work and if you qualify, join a retirement plan now.
Approximately 46 percent of working women participated in a retirement plan. Remember, even small amounts can earn interest and add up over time.
On average, a female retiring at age 65 can expect to live another 21 years, nearly 3 years longer than a man the same age. Savings can increase a woman’s chances of having enough money to last during her retirement.
Here are some important questions you should be asking:
1. Are you tracking your Social Security earnings?
2. Are you entitled to a portion of your spouse’s retirement benefit if you and your husband divorce?
3. Are you aware of the rules that govern your retirement plan and the retirement plan of your spouse if either of you dies?
4. What will happen to your social security benefits when your spouse dies?
5. What will happen to your spouse’s pension after he dies?
6. Are the beneficiaries on your insurance policies, retirement accounts, brokerage accounts and bank accounts up to date?
7. When is the last time you reviewed your will?
8. How will you take care of yourself if you become disabled or need long term care?
If your current advisor has not discussed these important issues with you then you may have the wrong advisor. Because of our commitment to helping individuals retire, we recognize the issues unique to women and retirement.