According to a recent report conducted by an insurance company, women who take charge in regards to their retirement are more likely to experience a comfortable post-career life.
The report explained that women who calculate costs, plan for contingencies and consult with their spouses and financial advisors have a greater chance of securing the necessary funds to retire than those who shy away from the process.
The company surveyed women between the ages of 50 and 70 and revealed that many expect to live until 85 and some until 90. Furthermore, most are more concerned than men about affording healthcare, long-term care and about outliving their assets. However, fewer than half knew the amount they will likely need to retire, while 44 percent have actually calculated their expenses. In addition, 16 percent claimed they are planning to delay their retirement, with the average postponement being four years.
"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," said Sandra Timmermann, director at the company conducting the report.
Timmermann further relayed that women who plan for a steady stream of income, along with some flexibility for the unexpected, are best prepared for a longer retirement period.