Boomer Women & Retirement

Boomer Women & Retirement...

The headline of a recent article (Sunday, June 19th 2011) in the Business section of the Pulitzer prize winning newspaper The St. Petersburg Times read:
"Single women of a certain age face dire straits: The turbulent economy has worsened the situation for 17 million women ages 46-64."

In it were the following statistics:

Approximately 40% of female Boomers are single, up from 30% in 1980
In 2001, the Federal Reserve Board found that only 1/3 of single women had any type of retirement savings and less than 10% had a pension; in contrast, 2/3 of married couples, and 42% of single men had retirement accounts
Boomer women who worked were making 77 cents on every dollar Boomer men were being paid, so fared worse in the income category, and those who devoted their prime earning years to stay-at-home parenting now find themselves divorced and "returning to a workforce that doesn't have space or patience for them."

We've done a poor job of preparing financially for our retirement, due in great part, according to some financial planners, to what we were socialized to do: put others' needs above our own. Saving for their children's education, or being the silent supporter of their bread-winning husbands rather than an equal partner (i.e. their retirement plan was their husband), took precedence over ensuring that they would be even adequately financed in their senior (read ages 70 and on) years.

So, what's a Boomer woman in such dire straits to do?

Start by taking a tough look at your existing retirement savings, and savings plan. Statistics indicate that you have little of either. Recognize that no one is going to take care of you...but you... and take immediate steps to change anything in your life, and lifestyle, that you can right now, to free up money you can then save for later years.

Then, contact ClearPoint Credit Counseling Solutions, a Raleigh based non-profit with financial specialists who have much experience working specifically with Boomer women. They will help you put in place a retirement savings plan, starting today.

Finally, set better boundaries with children (dependent and adult) and anyone else in your life on whom you're spending dollars that need to go toward your retirement, and if you are still married, make sure you're an equal partner in all financial decisions. Because unless those people promise to support you when the time comes, the time is now to for you to become more self-sufficient, self-caring, and self-helping; all quite different from self-ish and self-serving. We confuse these concepts, which continues to keep us poor, and poorly prepared.

Now, onto some good news: another option for Boomer women - making good use of your high levels of experience, skill, competence:

"Today, as one of the nation's most successful experts in financial public relations, with a specialty in book promotions, (Darlene) March can say: "I want to thank the people who laid me off. It was the best thing that happened to me." Darlene works from home...
You, too, can turn your decades of experience into a "second act" source of income....to find out how...
Read the full story here.

Single Boomer Women Prefer to Work

Polls show when we love what we're doing we prefer to continue to work...and this is much easier to do when you're single.
"According to a new survey, 50% of single female boomers today are still working, and for many it is simply because they enjoy it. In fact, nearly 80% of these working women are satisfied with their current job position. Unlike the generation before us, these empowered women will be a force to be reckoned with into their golden years."
Read the full article