This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Women Still Far Behind in Retirement Plans

COLUMBUS, Ohio ( TheStreet) -- We've all seen headlines calling out the retirement savings crisis facing American workers and the need for them to take steps to protect their financial futures. One aspect of this issue that deserves more attention is the role gender can play in retirement readiness.

Several new studies have focused on this topic, including a Harris Interactive survey last year sponsored by Nationwide Financial Services (NFS), finding women's average defined contribution plan balances are 40% smaller than men's and that they meet with financial advisers less frequently.

Women facing retirement have gender-based obstacles to overcome, but careful planning can help.

When planning for retirement, there are three main obstacles women must overcome:

Longevity
Women live an average of five years longer than men and are 10 times as likely to reach age 85, according to the American Association for Long-term Care Insurance. Longer life expectancies put women at greater risk of outliving their retirement assets and increase their chances of incurring long-term care costs. Women that live longer than their spouse may also face reduced household income from Social Security and pensions.

One way women can help mitigate their longevity risk is with products, such as annuities, that can offer a guaranteed stream of income for life. Women should also consider whether they could benefit from some form of long-term care insurance to help manage costs when they reach old age.

Time out of the work force
Women are the primary caregivers in this country and, according to the Women's Institute for a Secure Retirement, typically work 12 years less than men over their lifetime to care for children and other family members. While out of the work force, women are not able to build their pension benefits, pay into Social Security or contribute money to an employer's 401(k), all of which can hurt retirement income.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,778.15 +421.28 2.43%
S&P 500 2,061.23 +48.34 2.40%
NASDAQ 4,748.3960 +104.0840 2.24%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs