| Women are taking an increasingly hands-on role in | | | | significant financial pain. According to Allstate's 2006 |
| their planning for retirement. A smart move, | | | | Retirement Reality Check survey, 40 percent of |
| considering women are statistically likely to spend | | | | women said divorce or losing a partner affected their |
| some of their final years alone. While generally | | | | financial preparations for retirement substantially -25 |
| optimistic about the future, women have more | | | | percent of men expressed the same sentiment. |
| financial fears than men about retirement, but can | | | | Two key considerations when planning for a lasting |
| take significant retirement-planning steps on their | | | | and enjoyable retirement include: |
| own. | | | | • Making sure your spouse/partner has a will. |
| National statistics show: | | | | Creating a will can provide peace of mind by |
| • The average American woman lives to be | | | | affording the widow a smoother financial transition |
| 79.5 years old, 5.4 years longer than men (National | | | | for retirement. |
| Center for Health Statistics, 2001). | | | | • Having a serious discussion. In reality, that's |
| • Almost 90 percent of women will end up | | | | what's required, not just a simple conversation. |
| managing their finances alone (U.S. Department of | | | | According to Allstate's survey, among Americans that |
| Labor, 2001). | | | | expect a "financially difficult" retirement, more than |
| • Among women age 85 and older, 33 | | | | half believe that having a "simple conversation" will |
| percent meet the standard of "poor" or "near-poor" | | | | motivate their partner to take action. |
| (National Vital Statistics Reports, 2000). | | | | Some conversation starters for serious discussion |
| Also, women are more likely to leave the workforce | | | | include: |
| to care for children or parents, leaving them with a | | | | • What do we want to do in retirement? |
| smaller pension. And, because planning for retirement | | | | • How much will this lifestyle cost annually? |
| is principally handled by men, it's easy for women to | | | | • Are we willing to work longer, or willing to |
| underestimate how much they really need to save. | | | | have a reduced lifestyle? |
| For these reasons and more, women need to take | | | | • What is our long-term financial goal, and are |
| control of their retirement preparation. | | | | we on track to achieve it? |
| Death and divorce are as much financial events as | | | | An open, in-depth discussion will help make sure |
| emotional ones, but women are more likely to suffer | | | | retirement planning is on a realistic track. |