Women face greater retirement challenges than men. A Prudential Financial report found that due to earning discrepancies, smaller Social Security benefits, and less retirement accumulation, women have, on average, 42% less in retirement income than men. Consider that in the context of longer life-expectancy and the resulting challenges more common to women: more years to stretch assets across, higher long-term care expenses and the increased probability of widowhood. A UBS study reports that, ultimately, 8 out of 10 women will be solely responsible for their financial well-being. This means that women need to plan uniquely to confront these challenges.
In this installment of Women & Wealth, our financial advisors offer practical advice for women over 40 years old on how to take steps to meet their retirement needs.