Women earn less and live longer. That’s why they need to pay special attention to saving for retirement.
But how?
Locally, there are some answers.
Retirement Income Solutions for Women is a four-week course for those 45 or older who are concerned they won’t have enough money for retirement.
Cost for the series is $60, which includes four classes, an individual consultation with an accountant, and six monthly phone-coaching sessions. Classes take place on four Wednesdays, Sept. 7, 14, 21, and 28, from 6 to 9 p.m. at the Gershman Y, 401 S. Broad St.
The series was put together by the Women’s Opportunities Resource Center and the Pennsylvania Institute of Certified Public Accountants. Women in the classes discuss transitioning from work to retirement, and identify retirement income gaps and how to supplement income through employment, plus maximizing Social Security and Medicare.
To sign up, contact WORC either via worc-pa.com or by calling 215-564-5500.
Because of wage gaps and caregiving responsibilities, women enter and exit the workforce more frequently than men, and thus start retirement with an average of 26 percent less wealth, according to “Shortchanged in Retirement,” a 2016 analysis issued by the National Institute on Retirement Security.
As a result, women are 80 percent more likely than men to live in poverty once they reach retirement.
Women “want to be financially secure when they retire. But it’s hard to get good financial advice if you don’t have more money,” said Lynne Cutler, who heads WORC.
It’s keenly important for women approaching retirement to understand investments and benefit programs such as Social Security.
Classes “fill a big gap for many women who spend their lives earning lower wages than men and bearing the primary responsibility of family caregiver,” said Rochelle Massarella, WORC’s program coordinator for the Retirement Income Solutions Program. “This empowers women to figure out the details of their financial situation and confidently move forward into retirement.”
One local woman was able to project how much she needs to save now to retire at age 64 and live comfortably.