If you were to ask women 10 years ago how they felt about their retirement, you would have a much different response than today.
Since the Great Recession, more women are less confident about their future.
Don’t be mistaken, women are resilient and can accomplish many goals. But for some, their future looks bleak when it comes to supporting themselves during retirement.
Employer based retirement plans hit a rough patch, businesses began to lay off workers to save the bottom line and women were encouraged to find ways to make ends meet.
“A new survey of retirement plan participants by American United Life Insurance Co. found that 45 percent of male respondents were either “confident” or “very confident” when asked if they thought they would be able to retire and maintain their current lifestyle. Only 33 percent of women gave the same answer.
Forty-four percent of women and 36 percent of men said they were not sure.”
Women also lack preparation of financial planning and must catch up on retirement contributions. The lack of planning and preparation is a major concern since women live longer than men. In addition to supplementing their retirement, it would be prudent for women to invest in long term healthcare.
Bahiyah Shabazz is one of the nation's leading financial experts on the art of maximizing growth, entrepreneur, personal wealth expert, and author of "Spending fast: Clean up your finances in 5 days" and "Finances are linked to emotions: live within your means". Bahiyah Shabazz is also a motivational speaker, columnist, and radio host. If you have questions or topic suggestions please email: contact@BahiyahShabazz.com.