Retirement Facts for Women
Retirement planning is different for women. Here are a few reasons why:

Women live longer than men. According to the National Center for Health Statistics, American women can expect to live to age 79.5, whereas men can expect to live to only age 74.1. Living longer means you’ll need more money.

Women may leave the workforce temporarily to care for dependent children or elderly parents. The Department of Labor notes that more women (75.8 percent) than men (45.1 percent) are taking advantage of the Family Medical Leave Act. Fewer years in the workforce can adversely affect your Social Security retirement benefits, pension, and personal retirement savings.

Women are not as likely as men to have a pension. According to the U.S. Bureau of Labor and Statistics, only 29.4 percent of women age 55 or older receive a pension versus 45.8 percent of men. If you won’t be getting a pension from your employer, you will need to increase your personal savings for retirement.

Women are more likely than men to be in a nursing home. The population of elderly women in nursing homes is nearly three times that of men, according to the Center for Disease Control. Investigate long-term care insurance as part of a comprehensive financial strategy for your retirement.

Take control of your financial future! Contact a financial professional to work out a personal retirement strategy. Together, you can estimate the total amount of money you will need to save by your anticipated retirement date, and set up a monthly investment program. Use all the avenues available to you – including employer-sponsored retirement plans, annuities, and mutual funds – to build your nest egg. With proper planning, your retirement dreams can come true.

Investments and investment advisory services offered through CUSO Financial Services, L.P. (CFS) an independent broker-dealer and SEC Registered Investment Advisor are Not NCUA/NCUSIF insured, are not credit union guaranteed and May lose value. Space Coast Credit Union is in partnership with CFS. Financial Advisors are employees of Space Coast Credit Union and registered through CFS. Member FINRA/SIPC).

The information on this page is for educational purposes only. SCCU is not engaged in providing estate planning or other advice. Please consult with a competent estate planning professional regarding any specific estate planning questions.