The
following is a guest post. This post
does not necessarily reflect the views of Suzanne and David E. McClendon, Sr.
or Manian Debil Productions.
Are Women Prepared For Life Alone As
They Age?
The trends are clear – as women age the odds are they will be
living alone, largely because of either divorce or widowhood.
What may be less clear for many of them is whether they are
prepared for that life alone – both emotionally and financially, says Susan L.
Hickey, a financial professional at Your Own Retirement LLC (www.yourownretirement.com/womansworth).
“Although both men and women could live three or four decades in
retirement, it’s more
Almost half (46 percent) of women who are 75 or older live
alone, according to the U.S. Department of Health and Human Services’
Administration for Community Living.
But women, many of whom are heads of households, don’t always do
a good job of planning for their retirements because they spend so much of
their time thinking about the needs of others – their children, their spouses,
their aging parents, Hickey says.
“They need to realize that their happiness and security in their
later years can hinge on so many things, and not just their savings,” she says.
“So many factors come into play.”
Hickey says some mistakes women make in planning for retirement,
and what they can do to correct those mistakes, include:
· Failing to participate in planning. Many women traditionally have left the
retirement planning to their husbands and that’s a mistake, Hickey says. Women
should be actively involved. They need to understand their financial situation,
what would happen if their spouse dies and where all the important papers are
kept. When a meeting happens with a financial professional, they should be part
of that and help make the decisions.
· Underestimating how long they will live. For some reason, many women have trouble
imagining just how long retirement might last. Life expectancy for women in the
United States is about 81, and that’s an average. Many women will live into
their 90s and some will pass 100. When planning and saving, women need to
consider that they might still be living 30 or 40 years after they retire.
· Failing to protect their health. Maintaining your general health and well
being is important because medical costs can eat into retirement money, Hickey
says. The nest egg that someone thought would be more than sufficient can start
disappearing quickly when there are significant medical issues. Women need to
make sure they get exercise, eat healthy meals and keep up with those doctor
visits.
“So much of this is connected,” Hickey says. “When women feel
that they have a good financial plan in place, they are more likely to feel
secure and that’s good for both their physical health and their emotional
health.”
Susan L. Hickey (www.yourownretirement.com/womansworth) is a financial professional at Your Own
Retirement, LLC. She helps guide clients, many of which are single women or
female heads of households, on the many facets of planning for retirement.
Because of her advocacy Sue combines numerous elements of
retirement income planning through the use of insurance products, which
includes strategies for claiming social security benefits, Medicare costs,
long-term care concerns as well as traditional income needs. She holds
her life and health insurance licenses, and has earned the distinguished
Retirement Income Certified Professional designation.
Please be advised that all the information in this course is provided to educate, enlighten, and broaden your views in life. The information provided is not a substitute for medical, legal, dietary, financial/accounting, or religious professionals.
Always consult a professional before you act on any of the information you find in this course.
Please be sure to consult your attorney, accountant, and/or other professionals with any specific questions. There is no one right answer to any business question that will cover all circumstances.
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