4 steps women can take to help prepare for retirement
Women can face unique hurdles when planning for retirement. Try these 4 steps to clear the way for creating a more secure financial future.
The institutional channel includes reinsurance and group annuity contracts related to pension group annuities.
American women live about than men, with the average U.S. man living to 73 and the average woman living to 79. This means that many American women may face the end of their retirement years without a spouse. And without the expected retirement income of their partner, some women may need to adjust their lifestyle or living situation.
A longer lifespan makes it especially important for women to have savings for a retirement that may last 20 years or more. However, some women save less than men, often because they leave the workforce to take the caregiving lead 鈥� first for young children and later for elderly parents.
It鈥檚 no surprise that some single women 鈥� whether divorced, widowed or never married 鈥� are choosing to live with one or more female friends. In addition to female friends, this arrangement could include a female homeowner renting out rooms, women purchasing a home together or renting an apartment as roommates.
Benefits of living with roommates can include:
If you鈥檙e considering living with a roommate, here are a few things to keep in mind:
As you think about the future, consider discussing your retirement lifestyle goals with your financial professional. What do you picture when you think of retirement; when it comes to being financially ready for the future? Together, you can develop a strategy for a more financially secure retirement 鈥� no matter what your living arrangement may be.
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