NEWS AND INSIGHTS UPDATE:
Are you financially prepared for retirement? According to a study from the U.S. Government Accountability Office, women of retirement age are twice as likely as men to live in poverty despite research that shows women, in general, are more careful and prudent financial planners throughout their lives than men. Amy Tennery of The Jane Dough writes:
“The report: A survey of men and women from 1998 to 2009 shows that women 65 years of age and older have a median income that’s 25 percent lower than that of their male counterparts, according to Bloomberg. Even worse, the federal study showed that women of that age group are twice as likely as men to be living at or below the poverty line. The gender gap here is undeniable — and the data is a shocking reminder that women face financial challenges later in life that men often don’t.
As the study points out, women tend to make less over the course of their lifetimes than men and take more time off of work to care for family members and kids — something that can have a profound effect on their earning potential. But the report also shows that when bad things happen — divorce, death and so on — women are affected financially more than men. And, further to that end, women who were rich to begin with can bounce back more easily.”
Read the Full Article: Retirement-Age Women Twice As Likely Than Men To Live In Poverty — What’s Going On? via www.thejanedough.com