According to the retirement article, This group of women bears the highest retirement risk, “Married women in two-income households are at the greatest risk of not being able to maintain their standard of living after retirement.”
That’s the finding of new research conducted by the Center for Retirement Research at Boston College and published by Prudential Financial in a report titled Closing the Retirement Income Gender Gap. (Source)
This is why I’ve been saying all along that even married women need to become more involved in the family financial planning decisions. It appears that complacency is only one of the reasons married women are at risk.
Cindy Hounsell, president of the Women’s Institute for a Secure Retirement (WISER) is a bit blunt about it. She says about married women: “They’re having a nicer life while it is going, rather than saving for retirement. There’s a bit of denial when it comes to retirement planning.”
The article lists the following reasons:
- Two-income households make more but save less.
- They receive lower Social Security benefits but pay more Social Security taxes.
- They save too little for retirement because only one of the working spouses saves in a workplace retirement plan.
How should married women from a two-income household maximize their retirement savings?
- Both spouses should be contributing to a workplace retirement plan.
- Contribute enough to get the match, if applicable.
- Maximize catch-up contributions on retirement savings plans.
- Purchase a life insurance policy.
Check out the article: This group of women bears the highest retirement risk
As an award-winning spiritual life & money coach who is highly trained in the financial & insurance services industry, my focus is women, healing and financial empowerment. Currently, I’m fascinated by the mind-body-money connection because this is where you truly release the blocks and patterns that are holding you back from enjoying the financial success you truly desire.
My goal is to help you break free of the blocks and patterns that hold you back in any aspect of your financial journey. But, more importantly, I want you to be able to retire with enough money to take care of your needs throughout your golden years (when you can no longer work), no matter how long you may live.