Women and Retirement Income: What You Need to Know

KENTWOOD, Mich. - May 14, 2015 - PRLog -- When it comes to retirement income, women have three major considerations:

1. Longevity – They typically live longer than men, so their retirement income may need to last longer.

2. Fewer years in the workforce – Time out of the workforce to care for young children or aging parents could mean they may spend fewer years contributing to retirement plans.

3. Potentially lower Social Security benefits – Earnings are based on wages. If women work fewer years and earn less than men (on average), this could impact the bottom line for Social Security benefits.

According to one estimate, more than 80% of women will be solely responsible for their finances at some point in their lives.* With that in mind, now is the time to take charge of your retirement strategy. While retirement may seem further off than other goals, such as saving for a child’s education, time is a valuable asset.

A good rule of thumb for your retirement savings strategy is to plan for the expected but also prepare for the unexpected. Your Edward Jones financial advisor can help you develop a portfolio that can help you weather both market conditions and unexpected changes in your financial situation.

Once your strategy is in place, it’s important to review it regularly to make sure you stay on track toward your retirement savings goal. For more information or to schedule an appointment, contact your financial advisor today.