Older Workers Not Preparing for Retirement, More Women Ending Up In Poverty
According to a new study from LIMRA, a trade association for the financial services industry, 49 percent of Americans aren’t contributing to a retirement fund. And only one-third of Americans over the age of 50 are working with a financial professional to prepare for retirement. And it’s not that they don’t know better. Only 29 percent of adults ages 55 and older are confident they have enough money for retirement. Yikes.
Lucky for everyone, it’s not too late to get started. Fox Business offers some tips for getting your finances in order so you can enjoy your golden years. The first step is to honestly answer some questions about where you are right now. How much do you have? How much do you need? What sort of expenses will you be looking at? And what will Social Security/pensions/retirement funds provide?
Next, start saving, keeping in mind that you need to be prepared for your retirement to last between 25 and 30 years. And take advantage of tax credits and special programs available to older workers. Unfortunately, even those who are planning don’t see far enough into the future, failing to take into account the longer life spans we all have.
Finally, talk with family members about your financial situation and any help you might need once you’ve retired. These are the people that will be shouldering the responsibility for your economic and physical well-being once you reach your older years.
If that hasn’t inspired you, maybe this will — a new study from the U.S. Government Accountability Office (GAO) finds that women ages 65 and over are living in poverty in greater numbers than men even though they’re contributing to their employer’s retirement plans. Among the reasons: women live longer than their spouses and make less during their lifetimes. Some things in life you can’t control, so it’s important to get a handle on the things you can. You owe it to yourself to enjoy your old age.