Boomer generation women, ages 53-71, are facing retirement. Here are five reasons why women, especially Boomer generation women, should be concerned.
1. Career Interrupted
Many women stopped working after having families and had career breaks, which resulted in lost income and savings.
2. Retirement Program Neglect
Families often used women’s income for extras such as fun toys and vacations, rather than saving for retirement. Women contributed to their families’ economic success but did not set aside funds for their post-family futures.
3. Constant Caregiver
Women often worked part time when the children were growing up and when they returned to the workforce, they needed time off again to care for aging parents. Job flexibility often meant fewer career choices and lower paying jobs, and this resulted in reduced benefits and savings along the way.
4. Social Security Benefits Taken Too Early
Because of reduced retirement savings, the average age for women to take social security benefits is 62, rather than 64 for men. Delaying Social Security benefits can enhance retirement income significantly.
5. Financial and Tax Planning Overlooked
Women were not always engaged in family financial planning or tax preparation. Changes such as the death of spouse and divorce can have a devastating financial impact, especially on Boomer women, who may lack the knowledge and experience to handle the financial and tax implications of retirement and other life changes.
Moreover, statistically women live longer than men which means there is a good chance they will take on sole responsibility for finances one day.
The good news, however, is that there are financial and tax professionals who can help women get on track and prepare for retirement at any age. At Essential Business Services and Essential Tax Services, we help women of all ages achieve financial success no matter their experience or background.