Women live longer than men — Women generally live longer than men, three years more, in fact. Currently, there are six million more women than men ages 65 and over in the United States.1 So planning for a lengthy and financially healthy retirement, one that could last 30 years or more, is crucial.
By taking an active role in your finances now, you can help ensure that you will have a reliable income stream that can help support your anticipated spending habits, housing needs, and leisure activities throughout retirement. Once you have an idea of how and where you want to live in retirement, you’ll want to reexamine your portfolio on a regular basis. Your desired future lifestyle may have a direct effect on the types of investments you consider to help build a reliable income stream.
Women often live alone — Because women tend to live longer, they are likely to outlive their spouses and spend considerable time alone in retirement. Today, 57% of American women 65 or older are single, compared with just 26% of elderly men. There may be additional financial burdens that come with living alone, such as paying all the bills yourself, caring for your home, paying for long-term care, or moving to an assisted living facility.
Take action:
- Having a solid income plan in place may help ensure a steady stream of reliable income.
- Speak to your family members and loved ones about how and where you want to live in retirement, and document your desires so your wishes are known should you become incapacitated. You may also want to start or revisit your estate plan.
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