 Retirement is a difficult financial challenge for most people, but it can be uniquely difficult for women. In fact, the National Institute on Retirement Security recently found that women age 65 or older are 80 percent more likely to live in poverty than men. Women age 75 to 79 are three times more likely.1
Why is retirement more difficult for women? There are a number of reasons, and many may vary based on each person’s unique situation. If you’re approaching retirement, now may be the time to identify the risks you could face. By planning ahead, you can implement a risk management strategy. Below are three challenges that many women face in retirement, along with possible strategies to minimize risk. A financial professional can help you further develop your plan so you can enjoy a long and financially stable retirement.
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 According to a study from the U.S. Government Accountability Office (GAO), more than 25 million Americans left their 401(k) balance in a former employer’s plan during the 10-year period from 2004 through 2013.1 There’s nothing technically wrong with leaving your balance in the old plan, but it could create challenges as you plan for retirement.
If your old employer is ever sold or goes out of business, you may lose access to the plan. Even if the company changes 401(k) providers, you may find it difficult to navigate the new system and manage your funds. Fortunately, you have options available. Below are three possible approaches. Consider your unique needs and goals before taking action. Also, you may want to consult with a financial professional to help you determine which option is best for you. |
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*Guarantees provided by annuities are subject to the financial strength of the issuing insurance company; not guaranteed by any bank or the FDIC. Guaranteed lifetime income available through annuitization or the purchase of an optional lifetime income rider, a benefit for which an annual premium is charged.
This information is designed to provide a general overview with regard to the subject matter covered and is not state specific. The authors, publisher and host are not providing legal, accounting or specific advice for your situation.
Licensed Insurance Professional. Respond and learn how insurance and annuities can positively impact your retirement. This material has been provided by a licensed insurance professional for informational and educational purposes only and is not endorsed or affiliated with the Social Security Administration or any government agency. It is not intended to provide, and should not be relied upon for, accounting, legal, tax or investment advice.
16045 - 2016/8/23 | Privacy Policy
This information is designed to provide a general overview with regard to the subject matter covered and is not state specific. The authors, publisher and host are not providing legal, accounting or specific advice for your situation.
Licensed Insurance Professional. Respond and learn how insurance and annuities can positively impact your retirement. This material has been provided by a licensed insurance professional for informational and educational purposes only and is not endorsed or affiliated with the Social Security Administration or any government agency. It is not intended to provide, and should not be relied upon for, accounting, legal, tax or investment advice.
16045 - 2016/8/23 | Privacy Policy