Men are more likely than women to take steps to ensure they’re adequately prepared for retirement, in spite of the fact that women may need more money toward the end of their lives. This is due to a variety of factors, including longer life expectancy, lower incomes accompanied by higher health care costs, and a greater chance of added caregiver responsibilities.
According to a recent study released by Metlife, the best way for women to avoid financial concerns as they age is to start planning for these later years as early as possible. Sitting down with a financial advisor, spouse, or even a trusted friend will help women feel in control of their finances and their future.
“For themselves and their families, women can do a better job of taking charge, planning for contingencies, gathering information, calculating their income/expenses, and getting serious about retirement strategy,” said Kathryn McGrew, research fellow at the Scripps Gerontology Center at Miami University.