American actress Bette Davis is quoted as saying that “getting old is not for sissies.” She was presumably referring to the multiple challenges facing older people – health issues, financial issues, possibly even mental issues – and today, even the increasing cost of assisted living.
According to a new article appearing in U.S. News and World Report, women in North America should be planning their retirement with a focus on them, not just anyone.
Citing a recent study from the MetLife Mature Market Institute, the article explains how women, on average, tend to live longer than men, but they also typically have lower incomes. Combined, these two factors can become a difficult situation for many women.
“The combination of risks for women and their relatively inadequate retirement planning has become known as the ‘perilous paradox,’ but the message is clear that women are able to avoid that,” Sandra Timmermann of the MetLife Mature Market Institute told the news source.
The article showed how American men had an average income of about $38,000 in retirement, whereas women had an average income of only $21,500. Additionally, according to the media outlet, men are more likely to calculate their retirement income, and make a plan for themselves, whereas women are less likely to take the need for financial planning to heart.