Treasurer Loftis Says Women Should be Assertive when Planning for Retirement

Saturday, December 16, 2017

Many individuals struggle through retirement, but State Treasurer Curtis Loftis wants women to be especially careful when planning for life after they leave the work force.

Financial Planning Retirment Istock

Women are 80% more likely than men to be impoverished at age 65 and older, according to a report from the National Institute on Retirement Security.

“Many women spend a good portion of their adult lives looking after others, but they need to make sure they’re taking care of themselves, as well,” Treasurer Loftis said. “This includes setting aside enough money for retirement.”

Among the reasons women have a harder time in retirement, according to Forbes magazine:

  • Women, on average, outlive men, which means they need more money for the long haul. That can make the golden years difficult given the high cost of health care;
  • They’re more likely to be looking after others, both children and parents. Because a majority of women are caregivers, they’re more likely to turn down promotions, decrease their working hours or retire early. All that means less earning power and less opportunity to save; and
  • Women are more likely to work part-time. Part-time employment not only means lower lifetime savings, but it can also impact eligibility for certain employer benefits and retirement plans.

 

“The good news for women is that they live longer so they will have longer to enjoy retirement; the bad news is, as a result, their retirement will be more expensive,” Treasurer Loftis said.

“It’s imperative that women set aside enough money so that they can actually enjoy their retirement, rather than worrying about just getting by,” he added.

See the full article: The Unsettling Truth About Women And Retirement

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Director of Communications
Karen Owens
karen.owens@sto.sc.gov
803.734.2549
803.722.8602

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