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Statistics show that, on average, women age 65 can expect to live another 20.3 years, compared with just 17.7 years for men. Yet women often have a tougher time contributing toward their retirement, in part because they are more likely to take time away from the workforce to care for family members.
Maximize Your Own Retirement Benefits
Take full advantage of a 401(k) at work. Any employer match is like free money! Consider funding a traditional or Roth IRA (or both). If you’re self‑employed, invest via a tax-sheltered retirement plan such as a SEP-IRA or SIMPLE IRA.
You’ve Heard This One Before: Pump Up Your Social Security
Benefits increase for each month you delay claiming Social Security between the ages of 62 and 70. A $750 benefit at 62 would grow to be $1,320 a month if you wait until age 70. If your spouse’s benefit amount will be higher than yours, the longer he/she waits to claim, the greater your survivor benefits will be.
Learn About Your Household Finances
With some longer-married couples, it’s not unusual for one spouse to defer to the other when it comes to overseeing investments and household finances. Don’t fall into that trap. Couples that share financial decisions generally invest more for retirement than when one spouse is solely in charge. These couples also are most likely to have created a plan built to achieve the financial security of the longer-surviving spouse.
State-Specific Health Life Expectancy at Age 65 Years. http://www.cdc.gov/mmwr/pdf/wk/mm6228.pdf
Social Security: The Facts Surrounding an Important Source of Retirement Income. https://www.pnc.com/en/personal-banking/topics/retirement-income-social-security.html
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