Even though women live longer than men, yet 80% take their Social Security at age 62 when it provides the least benefit! That choice also reduces their cost-of-living increases because they started with a smaller income. When you compound the lost income over a lifetime, it’s a bunch of bucks.
There’s a hidden whammy in there, too. It’s often the woman that becomes the irreplaceable caregiver. When they have children, many reduce their schedule and income resulting in fewer Social Security credits. They’re also the ones who often leave the workforce to care for disabled or elderly parents.
According to a recent study, women were found to be short of retirement goals to a much greater degree than men. The math indicates they need to save 26% more just to get even!
Maybe the question shouldn’t be whether you want to get rich. Maybe it should be whether you’d rather have a guarantee that you’d never be poor!
Much retirement planning is flawed. If you’d like to learn why, you might enjoy this webinar I created some time ago.
Jim
