Women in Retirement: Dealing With the Financing Gap - Chase.com

Statistics published by the National Institute on Retirement Security indicate that the gender gap in financial preparedness for retirement remains a concern for women. J.P. Morgan Wealth Management’s Alison Cenname assesses the impact of this disparity in an article posted at chase.com, providing some thoughtful guidance for women on how to “…prepare for retirement in a way that best sets them up for future success.” Read Ms. Cenname’s post here…

In addition to covering the statistical aspects of the retirement horizon, Ms. Cenname’s article explores several key avenues women should consider in their financial planning for life after work. For example, she stresses the importance of capitalizing on employer-sponsored plans, like 401(k)s, when available, noting that not taking advantage of this type of option is akin to “…leaving money on the table.” Her article also offers suggestions on spousal IRAs for women needing to interrupt their working years, using options “…designed specifically for married couples in which one partner is not working.”

Ms. Cenname caps off her article by noting the importance of applying strategic thinking when making the decision to file for Social Security retirement benefits, citing the benefit of delayed retirement credits and the impact they have on eventual benefit payments. She advises women to “…try to hold off for as long as you can. Every year you wait can make a difference to your financial future.”

Ed. Note: The AMAC Foundation’s Social Security Advisory Service provides free counseling services to anyone having Social Security-related questions, and in fact has available in its library a video series titled “Women and Social Security.” To learn more about this service, click here, and to access the videos, click here

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