Alarming Statistics for Boomer Women
Studies
point to a disturbing pattern concerning women of the "boomer
generation". The Women’s Institute for a Secure Retirement (WISER) has generated
a study providing some alarming numbers.
WISER shows
that just under 50% of retired women would be living in poverty if not for the
Social Security benefits.
This alarming
statistic could be due to a number of factors. For instance, WISER illustrates
that just less than 50% of women have access to a pension or retirement plans at
work. Also women are more likely to spend some of their retired years alone
simply due to the fact that on average they outlive their male counterpart.
Perhaps the lack
of supplemental income of a spouse could be a contributing factor as to why
nearly 40% of older women living alone depend on Social Security for almost all
of their income.
The National
Institute of Retirement Security found that in 2007, full-time female workers
earned only 76% of male wages. Women will fare much better in retirement if they
have help from 3 things – a pension, a 401(k) type supplemental savings account,
and social security.
Our intention is
not to frighten you with these statistics, but to simply make you aware of the
challenges that may be faced. Asset Acceleration Planning is here to help you in
your retirement planning.*
To learn more about the Women’s
Institute for a Secure Retirement visit the
WISER website.
Information for this article
was taken from Boomer Market Advisor: The Boomer Retirement Experts, August
2009: A Summit Publication.
* Throughout
this website, you will note our emphasis on tailoring our services to the
individual's or family's specific financial profile. We do not believe
there is a "cookie cutter" approach to wealth and risk management based on
gender. However, we believe such studies as the one summarized here are
instructive and help women understand they are not alone. Their concerns are
shared by large numbers of women.
