Since a woman’s life expectancy is longer than a man’s, savings need to last longer in retirement. Unfortunately, many women live their final years with little or no income. Why? Building up retirement savings may often be harder for women than it is for men. Women tend to spend fewer years in the workforce due to raising children, caring for aging family members and so on. As a result, their lifetime income, opportunities to invest in employer-sponsored retirement plans and Social Security funds are often reduced.

What steps can you take to ensure you don’t outlive your assets? A good first step is having an investment strategy that can give you the ability to grow and convert your assets into sustainable income that can last a lifetime. According to the National Center for Women and Retirement Research, as many as 9 out of 10 women will be solely responsible for their finances at some point in their lives. The numbers speak for themselves:

• Women live more than 19 years in retirement
• On average, women live 7 years longer than men
• The average age of widowhood in the U.S. is 56
• The median income for elderly women is $8,189

MARK YOUR CALENDAR…
On Wednesday, April 18th, Investment Services at Eastern Financial Florida Credit Union will be hosting a seminar on how to:
• Identify your life and financial goals. When are you looking to retire? What do you want to do in retirement? Are there other personal goals you hope to achieve?
• Determine how much money you will need in retirement.
• Fine-tune your savings and retirement plan to meet your financial goals.
• Take advantage of a 401K at work and contribute as much as you’re allowed.