Holly Revenig and Jenna Ramsey – Finance of America
“Retirement” … what a loaded word! It often means different things to different people.
So, I Googled the “definition of retirement.” According to Oxford Languages, it is “the action or act of leaving one’s job and ceasing to work.” That sounded reasonable, so I continued reading to the examples of how to use it in context. Here is what I found…
“a man nearing retirement”
“he spent much of his retirement traveling through Europe”
“he lived in retirement in Miami”
But what happens when SHE retires? Is the definition the same or does the context change?
According to recent data, women are more likely to experience Retirement Insecurity than men. This means that women are more likely to have a shortfall of savings during retirement than their male counterparts. This is due to factors such as lower lifetime earnings, fewer retirement benefits and a longer life span than men. I don’t think this is news to anybody…. especially not surprising to single retired women today. But what can we do to change this?
Please understand, the point of this article is NOT to push any kind of women’s equality/inequality agenda. The goal is to inspire retired women to empower themselves by becoming more financially literate.
It’s not a fun subject, I know. Even as I write this article, I’m thinking “I’ve lost them now. They are turning the page, so they don’t have to be lectured to.” But stick with me…. I realize terms like Inflation, Risk Diversification, and Interest Rates aren’t the most scintillating topics to read about. The reality is, you are better off knowing some basic financial concepts than not. Besides, you will be amazed at what this knowledge will do for your confidence! Not to mention, being a life-long-learner will keep you young and interesting!
This article is the first of a 6-part series aimed at addressing financial concerns and providing resources for retired women. Whether you are single, married, newly divorced or newly widowed, our goal is to help break down the financial “mumbo jumbo” that so many of us pretend to understand, but really don’t. Are there financial questions you are too embarrassed to ask? Guess what? Most of your peers don’t know the answers either! Studies have shown that only 23% of women in the U.S. correctly answered questions regarding Inflation, Risk Diversification, and Interest Rate. (Don’t get too cocky, men…Only 36% of you answered correctly!)
To ensure that we tackle the retirement topics that are most important to you, we are asking for your input. Please use the link below to take a short survey so we can narrow down our options. Don’t worry…the survey link does not collect, save, or sell your information, or obligate you to buy anything. This survey is purely for research and educational purposes. Survey link; https://www.surveymonkey.com/r/W9PGPNQ
Based on the survey results, our vetted industry experts will provide answers, advice, and loads of resources to help you live your BEST retirement. Watch for us in future issues of the Sun Lakes Splash, where we’ll go back to “Money School” together and raise our financial IQ’s!