Women and Retirement

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MANY OF US DREAM OF SETTING OFF ON NEW ADVENTURES WHEN WE HIT RETIREMENT. BUT IF YOU'RE A WOMAN - THE ONLY NEW ADVENTURE YOU'RE LIKELY TO HAVE IS FIGURING OUT HOW TO MAKE ENDS MEET WHEN YOU HIT 65. OLDER WOMEN TODAY ARE TWICE AS LIKELY AS MEN TO BE POOR, AND RIGHT NOW, TENS OF THOUSANDS ARE ON THE ROAD TO RETIREMENT DISASTER. IN TODAY'S HEADS UP, WE'VE GOT TIPS ON HOW WOMEN CAN RETOOL THEIR RETIREMENT FUTURE.

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WHEN 33-YEAR OLD SACHA (SAH-CHA) BLAIR GOT HER M-B-A, SHE THOUGHT HER FINANCIAL HOUSE WOULD SOON BE IN ORDER. SHE DIDN'T COUNT ON THE BLEAK JOB MARKET...

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KEY @ : :08 Sacha Blair, Worried about her retirement
"I haven't really been able to find a full time job."

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SADDLED WITH BILLS AND 80-THOUSAND DOLLARS IN SCHOOL LOANS, BLAIR LIVES WITH HER PARENTS. SHE MEETS WITH A FINANCIAL COUNSELOR WEEKLY TRYING TO GET OUT OF DEBT. BUT SAVE FOR THE FUTURE? FORGET IT.

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KEY @ : :24 Sacha Blair, Worried about her retirement
"I currently work two part time jobs and neither of them offer a 401K or any retirement or benefits."

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YET EXPERTS SAY SINGLE OR MARRIED, WOMEN NEED TO START PREPARING AS EARLY AS POSSIBLE.

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KEY @: :33 M. Cindy Hounsell, President, President, Women's Institute for a Secure Retirement (WISER)
"The biggest mistake is that they never sit down and figure it out, so it's always a big surprise."

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NOTE TO CLIENTS: For more information on women versus men at retirement, see Source List below.
WHAT'S THE PROBLEM? IT'S LIKE A PERFECT STORM. WOMEN LIVE LONGER SO THEIR MONEY HAS TO LAST LONGER. BUT THEY STILL EARN THOUSANDS LESS PER YEAR THAN MEN - AND THAT MEANS LESS TO INVEST OR SAVE. THEY GO IN AND OUT OF THE WORKFORCE MORE FREQUENTLY, TOO. ALL OF THAT MEANS LESS SOCIAL SECURITY.

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KEY @: :56 M. Cindy Hounsell, President, Women's Institute for a Secure Retirement (WISER)
"If your mother lived to 87 and your aunts are all in their 80s, you're probably going to live into your 80s, so you're going to need more money to last for a lifetime."

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WHEN IT COMES TO RETIREMENT, START SAVING EARLY AND DON'T GUESS HOW MUCH YOU'LL NEED-- USE A CALCULATOR. YOU CAN FIND ONE ON THE WOMEN'S INSTITUTE FOR A SECURE RETIREMENT. AND IF YOU'RE OVER FIFTY, THERE ARE 'CATCH UP' PROVISIONS IN MANY 401-K AND I-R-A PLANS. BUT DON'T WAIT!

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KEY @: 1:19 M. Cindy Hounsell, President Women's Institute for a Secure Retirement (WISER)
"Taking charge of your finances means that, you know, it's like your weight, you can't hide it, it's just there."

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NO KEY (covered) Sacha Blair, Worried about her retirement
"I don't think it's too late, but I definitely feel like something needs to happen soon."

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Source: AARP
ONE OTHER WRINKLE TO THINK ABOUT -- ABOUT 70-PERCENT OF UNPAID CAREGIVERS ARE WOMEN. SO TAKING TIME OFF FROM WORKING TO BE A STAY AT HOME MOM OR DEAL WITH ELDERLY PARENTS ALSO HAS A BIG AFFECT ON A WOMAN'S FINANCIAL FUTURE. TRY AND FIND A WAY TO CONTINUE SAVING AT THESE TIMES, TOO.

SOURCE INFORMATION:

M. Cindy Hounsell
Executive Director, WISER
Hounsell works with policy makers, community leaders, women's and elderly groups, and universities to ensure that the issues women face at retirement are being heard. She has testified before Congress and written several columns and papers on women, social security, and pensions.
Hounsell earned her law degree from the City University of New York Law School, and served as a Women's Law and Public Policy Fellow at the Georgetown University Law Center. She was an officer for the Independent Union of Flight Attendants and Stewardesses for Women's Rights. Prior to starting WISER, Hounsell was director of the Women's Pension Project at the Pension Rights Center, and leader of Pensions Not Posies, a national education campaign.

ADDITIONAL SOURCE AND BACKGROUND INFORMATION:
Women report not knowing as much as they should about retirement investing (80 percent for female worker versus 67 percent for male workers).
Source: Transamerica Center for Retirement Studies

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The gap is shrinking, but the median income for full- The average life expectancy for a newborn girl in the U.S. is now just a hair under 80 (79.9, to be exact), according to the Centers for Disease Control, which tracks these things. For baby boys, it's 74.5, or about five years less.

More to the point, the time we spend in retirement is longer. At age 65, a woman's life expectancy is another 19.5 years. A man's is 16.6. Average Social Security checks for men and women show the gap in working years and income: Men got a median amount of $1,008 a month. Women got $774. For an extra $100 per month, a 30-year old worker could increase the size of his or her nest egg by over $200,000 at the age of 65.
Source: Moneycentral.COM