Women have long struggled with retirement planning and have faced challenges that their male counterparts have often avoided.
Eleanor Blayney, CFP and Marjorie L. Fox, CFP are hoping to address the issue and help women “navigate their sunset years with confidence, grace, and wisdom” with a new book, Women Wise: The Essential Guide to Financial and Lifestyle Decisions as We Age.
A recent TIAA report noted that only about a third of women (31%) are saving for retirement, compared to 44% of men. The picture is even bleaker when it comes to actual retirement savings: 80% of men say that they have saved at least some money for retirement with only 63% of women saying the same.
Blayney and Fox say that in retirement, women often face challenges that are unique to their gender, including living longer, to a higher likelihood of being single, to lower financial literacy, to fewer resources.
The book’s impetus is surprising: despite their respective–and respected– 30-year careers in financial planning, both authors felt somewhat unprepared for retirement in many ways. Recognizing the disadvantages women face when entering retirement, the duo decided to combine their professional knowledge with personal experiences to benefit senior women.
This joint venture became Women Wise, which tackles a variety of topics including Medicare, Social Security, investment strategies and estate planning. The publication also touches on sensitive subjects such as elder abuse, as well as how to make the retirement years feel “meaningful and joyous.”
The book has been well received by retirement experts, including The American College’s Professor of Retirement Income, Wade Pfau, PhD, who called it a must-read for women and a “real eye-opener.”
Women Wise is on sale via several outlets including its publisher, Amplify Publishing, Amazon and Barnes & Noble.
SEE ALSO:
- WIPN Launches Major Women’s Mental, Physical Wellness Initiative
- Women Significantly Lag Men in Retirement Readiness
- Retirement Much Harder Financially for Single Seniors
Lynn Brackpool Giles is a contributing editor to 401(k) Specialist. Giles is a former Managing Director of Communications and Consumer Services for the Financial Planning Association (FPA), where she oversaw all corporate, legislative, and consumer communications. In her current journalistic practice, she is a frequent contributor to numerous financial services industry publications.
