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"Poverty in our country has a distinctly feminine face. The largest segment of our population is poor, elderly women." (Teresa Heinz Kerry) The average social security check in 2006 was slightly over $1,000 per month. Will an annual income of $12,000 support you in retirement?
Many older women rely solely on social security for retirement income. Many have taken ten or more years on average, away from the workforce to raise children or serve as family caregivers. This caregiving time away from the workforce results in having to start a career over or to enter the workforce for the first time. It can involve learning new skills or taking classes just to be offered an entry level position or working a part time position with no benefits. With this lack of earning power over 10-15 years, it's no wonder many women fall behind men in building a retirement nest egg.
Women are projected to live longer than men, yet earn only 77% of each dollar a man earns and work fewer years building a nest egg. Many of us believe we will continue to build our retirement income by working beyond the normal retirement age. However statistics show that four in ten people retire early due to poor health, caring for a family member or job loss. The poverty rate in 2004 for single white women age 65 and older was over 20%, the rate was double for African American and Hispanic women. Women must commit to changing these statistics.
It's never too early to plan for retirement and to plan for unexpected contingencies whether you are a woman or a man. If you are married, consider what you would do if you divorce, what would you do if your spouse passes away? How will you pay for health care and long term care costs? According to WISER (Women's Institute for a Secure Retirement), there are five steps that lead to a long term plan: 1) balance your basic bills, 2) pay off your debt, 3) build your emergency savings, 4) pay off your home and 5) build your retirement savings.
Interested to learn "What Women Need to Know about Retirement?" This easy to understand manual is offered FREE from the Heinz Family Philanthropies and WISER at www.heinzfamily.org/programs/ebook.htm.
Source: www.heinsfamily.org/programs/ebook/htm
Copyright 2011 Pamela D. Wilson, All Rights Reserved.
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