Making Sure There’s Money to Enjoy Retirement

Do you worry about outliving your retirement income? Unfortunately, that’s a realistic concern for many women. At age 65, women can expect to live, on average, an additional 19.8 years.* In addition, many women will live into their 90s. This means that women should generally plan for a long retirement that will last at least 20 to 30 years. Women should also consider the possibility of spending some of those years alone.
According to recent statistics, 42% of older women are widowed, 11% are divorced, and approximately half of all women age 75 and older live alone.** For married women, the loss of a spouse can mean a significant decrease in retirement income from Social Security or pensions.
Are you worried about out living your retirement income?
Here are some tips:

• Estimate how much income you’ll need. Use your current expenses as a starting point, but note that your expenses may change dramatically by the time you retire.
• Find out how much you can expect to receive from Social Security, pension plans, and other sources. What benefits will you receive should you become widowed or divorced?
• Set a retirement savings goal that you can work toward, and keep track of your progress.
• Save regularly. Save as much as you can, and then look for ways to save more. Dedicate a portion of every raise, bonus, cash gift, or tax refund to your retirement savings.
• Consider purchasing long-term care insurance to help protect your retirement savings and income from the high cost of nursing home care.
• * Source: National Vital Statistics Report, Volume 58, Number 1, 2009 ** Source: U.S. Department of Health and Human Services Administration on Aging, A Profile of Older Americans: 2008. Disclosure Information -- Important -- Please Review Securities offered through Investors Capital Corp. Member FINRA/SIPC. Advisory services offered through Ingram Advisory Services, LLC. Prepared by ForefieldInc, Copyright 2010