In addition to the income issue, there are many other factors that impact your retirement. Women often don’t make retirement a priority and procrastination is a behavior that will impact your retirement savings.
Here are some other common retirement barriers facing women and ways to mitigate them.
Women live longer. Today's average 65-year-old man can expect to live until age 84.3; the average 65-year-old woman can expect to live until age 86.6. The earlier you start saving the better off you’ll be.
Women tend to be less financially literate. Education is the key to building a smart portfolio - you need knowledge to make decisions with confidence.
Women rely on their husbands to make financial plans. Such arrangements leave women vulnerable, especially when their husbands pass away. Take personal responsibility for your financial independence through education and personal involvement.
Women take more time off from work to focus on family. When you are working, make sure you are maximizing your retirement benefits.
Women are more likely to be stay-at-home Moms. Have your husband contribute to a spousal IRA on your behalf—up to $5,500 in 2015 (or $6,500, if you're 50 or older).
Here’s a Biggee! Women are more likely to prioritize other financial goals over their retirement savings. Fund your retirement first, before trying to tackle things like the kids’ college funds.
Some women spend too much on health care. You can trim those costs using simple tactics, such as switching to generic medications and using in-network providers. And take advantage of the tax savings offered by a health savings account.
Women don’t take advantage of ex-spousal social security benefits. If you were married for 10 or more years and you don't remarry, you may be eligible to collect benefits on your ex-spouse's earnings record.
Because of longer life expectancies, women tend to spend their final years alone due to widowhood or divorce. Some may never marry. A woman’s retirement could last 30 years or more, often relying on a single income.