008 – Things Women Need to Know for Retirement with Kate Stalter

women and retirement, what women need to know about retirement, retirement planning, the retirement resource podcast, Beau Henderson, RichLifeAdvisors.com

Things Women Need to Know for Retirement with Kate Stalter

In celebration of International Women’s Day (March 8th, 2018), we’re talking about women in retirement! 80% of the people who live to be 100 are women, so it’s especially important that women inform themselves and become active participants in the retirement planning process.

DISCUSSION TOPICS

  • How increased longevity disproportionately affects women’s retirement plans.
  • Why women in a relationship need to be a part of all of the retirement planning and investment conversations.
  • What you need to know about optimizing Social Security.

Increased Longevity

Increased longevity affects everyone’s retirement planning, but it’s particularly important for women to consider because 80% of the people who live to 100 are women.

Although you may see tables that show that the average life expectancy in the U.S. is about 78, that’s misleading because it includes people who died young. By the time a man or woman in North America reaches age 65, he or she will likely live into their mid-80s.

When planning for retirement, it’s bad to plan based on a predicted life expectancy because, if you do exceed it, you will be stuck with a worse lifestyle than you are accustomed to.

We believe it’s prudent to plan for a life expectancy of 100, whether you’re a man or a woman. And because women are more likely to live longer than their spouses, they need to be a part of any retirement planning and investment conversations. (Of course, if you’re not a woman, this applies to you, too – all married couples should be having these conversations together.)

Social Security

You want to, at the very least, crunch the numbers and understand the impact of waiting to take Social Security versus taking the benefit at age 62, which is the minute it becomes available.

Particularly if you are the higher earner in the couple, ideally you want to wait as long as possible to take that benefit because when you pass away, your surviving spouse will get the higher of the two benefits.

If the higher earner takes it early, for whatever reason, and then passes away, their spouse is left with a lower benefit for life.

Social Security makes up 50% of the retirement income for most Americans, and there are over 500 possible ways to take your Social Security, so it’s worth knowing everything so you can optimize it most effectively, for you and for your family!

Resources:

“Things Women Need to Know for Retirement

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About Beau Henderson

Beau Henderson is a financial advisor, author, coach, radio personality, and CEO of RichLife Advisors. He has helped over 3,000 clients to not just improve their relationship with money, but to live the life of their dreams.

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