Last week on “Your Financial Editor”, I covered some of the pitfalls women face with their retirement planning. It’s apparent that menand women have some very similar circumstances, both “pre” and “post” retirement date. However, some of the issues that women face, if not taken into consideration and planned for properly, could wreak havoc on their golden years.
The Urban Institute is a think tank organization in Washington D.C. and I recently read their latest report about retirement issues for Baby Boomers and found it to be very interesting and informative. The issue talked about:
- Boomer women have worked more than ever before, boosting family incomes and retirement wealth.
- The shift from pensions paying regular retirement income for life to 401(k) plans subject to market volatility adds uncertainty to Boomer’s retirement income.
- 30 t0 40 percent of the youngest Boomers will replace 75 percent of earnings received in their early fifties, making it difficult to maintain pre-retirement living standards.
I hope you find time to peruse the report. I continually find it amazing to see how much health, wealth and family are intertwined with our clients’ retirement planning and wealth planning.