Why more women than ever are putting off retirement?
More and more older Americans are working longer. New research suggests women are much of the reason why.
A prime driver of this trend is education. Both women and men with college educations are far more likely to be working into their 60s and 70s. They have job skills, connections and careers they want to continue pursuing. As the oldest baby boomers reach their 70s, they are not only more likely to be working, but also working full time. Almost half of women still working in their late 60s are in full-time, year-round positions.
The research shows that women who are postponing retirement are doing so since they enjoy their jobs; not that they need the money. Many women (like men) define themselves at least in part based on their jobs.
Not all is so cheery, however. Women, particularly married women, typically have spent less time in the workforce than their male counterparts. So, they may only qualify for lower social security benefits unless they keep working. Some may also be too young to qualify for Medicare and still need to participate in an employer’s health and benefits plan.
It is our view that as women now make up a larger share of the workforce, that means their relative participation in their companies’ retirement plan grows too. Successful planning focuses on the different needs of women. Older women are not the same as younger women, and they need different solutions to their particular needs.
If you are one of the many women who have decided to delay retirement, a Vermillion Financial Advisor can help you revise you post-earning focus to reflect your plans and needs for a more unique retirement. Contact our office to schedule this very important discussion.
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