Finance Rules: EBW Financial News Radio
Did you know that women worldwide currently outlive men by about five years?
“Statistics show that by age 85, there are roughly six women to every four men. At age 100, the ratio is more than two to one. And by age 122 — the current world record for human longevity — the score stands at one-nil, in favor of women,” explains Egan, Berger & Weiner financial adviser Carmen Wu.
On today’s episode of “Finance Rules,” Wu explains that, unfortunately, achieving retirement security for women is a multifaceted obstacle.
So we asked her to share insights into the following:
1. Carmen, not only do we live longer, but so often the majority of women tend to earn less income than men during their lives, spend fewer years in the workforce (for a variety of reasons), and take a conservative approach to investing the money they do earn. Why is that?
2. Is it important to identify your sources of retirement income — before you retire?
3. How important is it to understand your options when it comes to your Social Security benefits?
4. How do you create a realistic budget for the amount of cash you’ll need?
5. What questions should you ask a financial adviser who might be helping with the process?