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Why 50+ Women Should Take Control Of Their Money
When I ask my working girlfriends when they plan to retire, or if they plan to retire, I usually get a quizzical look — and then a shrug. Most of them are in their 50s and 60s and they all seem to think the notion of not working for pay is rather unrealistic….
For women over 50, the stakes are especially high. “Women age 50 and older — especially unmarried women — face extreme financial risks and potential poverty in retirement,” Transamerica Center for Retirement Studies President Catherine Collinson told me. Many of these women who Transamerica has surveyed say they plan to work until age 70 or later or don’t plan to retire at all. That plan, however, might be faulty. “Life’s unforeseen circumstances such as health issues or a job loss can derail the best-laid plans,” Collinson said. “It is imperative that women realize that we can still take steps today to improve our long-term outlook.” Read more…