Retiring Women

By Tammy Flanagan

June 15, 2007

Recently, MetLife published a study called "It's Not Your Mother's Retirement," which concluded that young women are almost twice as likely as their mothers to carry $25,000 or more in consumer debt, and some have resigned themselves to never retiring.

When it comes to retirement planning and security, our experiences are likely to be vastly different from the experiences of our mothers. Take a look at what the survey revealed:

Your mother most likely:

You most likely:

Today's women are redefining retirement, with plans to work outside the home longer than their mothers, and to actively pursue such interests as travel, volunteerism and higher education. That requires a different kind of retirement planning. After the study was published, the MetLife Mature Market Institute issued a booklet, "What Today's Woman Needs to Know," providing guidance on how to take advantage of the opportunities -- and rise to the challenges -- our mothers never had.

Women today are likely to live longer than their mothers, meaning that their retirement will cost more. Luckily, federal retirement benefits and Social Security benefits for those who are eligible to receive them will last for life. But women also need to learn how to manage their retirement savings. And the earlier you start saving and planning, the easier it will be to reach your goals. Listed below are some retirement planning and savings suggestions based on your age -- and by the way, many of them are not limited to women. In Your 20s

In Your 30s

In Your 40s

In Your 50s

In Your 60s

In Your 70s

Tammy Flanagan is the senior benefits director for the National Institute of Transition Planning Inc., which conducts federal retirement planning workshops and seminars. She has spent 25 years helping federal employees take charge of their retirement by understanding their benefits.


By Tammy Flanagan

June 15, 2007

http://www.govexec.com/pay-benefits/retirement-planning/2007/06/retiring-women/24667/