This is sponsored Content for SheSpeaks and Prudential smarturl.it/PruAnnuities all opinions are my own
When it comes to financial issues, I have never been one to handle that chore in our household and family. Since my fifth grade math teacher put me on blast for getting a 40 on a math test (she hung a big sign on the door outside the classroom with all the students test scores) my confidence in my ability to understand and handle great “big numbers” has been a task I have relegated to my better half.
Believe me, I know that this behavior has me harkening back to a 1950’s housewife and it is not something I am proud of- but I simply don't have confidence in my math skills and it has certainly played a major factor in my forking over financial responsibilities to my spouse. My husband, who is the antithesis of me when it comes to numbers and is 15 years older, has happily shouldered the financial burdens and matters, but when it comes to retirement I know that I NEED to take more of an active role in saving and being cognizant of what is at stake.
And I really got an eye opening education when I spent a day in TIMES SQUARE as part of Protect Your Retirement Day on behalf of Prudential, a founding member of The Alliance for Lifetime Income! We participated in some very scary virtual reality experiences that simulated the importance of protected lifetime income aka, finding ways to give women a “paycheck” during their retirement! Bottom line is that all of us- but especially women-need to have a strategy for how we will spend our money in retirement!
Because here is the truth-I am a 45 year old woman, married to a 60-year-old man and even I can do the math when it comes to the fact that based on our age difference and the statistical fact that women outlive men by an average of 5-6 years1, the equation is not in my favor. And I, like many women, have left the financial decisions to my husband.
And although we live well now and he assures me we will have enough money to retire and live out our lives together, I need to take a more active role in protecting my retirement.
The reality is that women face unique challenges when it comes to their retirement. We tend to make less money than men do (the wage gap)2; we are less likely to negotiate higher salaries, we might spend time out of the workforce to raise children which is often uncompensated work and we are more apt to delay investing, invest more in lower risk, lower return investments3 and ultimately we are more likely to run out of money in retirement.
I have come to the cold, hard realization that I need to make the time and learn the basics about money and investing and really think about my lifetime income aka retirement planning. I want to learn what I can do to plan out our future and choose the best strategy.
Here are some key pieces of financial advice women who want to plan for retirement should keep top of mind.
What should women know about their needs in retirement?
Women need to find ways to generate regular, reliable monthly income in retirement and not simply count on living off accumulated savings from 401(k) s, and other savings vehicles. This is especially important because women are living longer1.
How can Prudential help women plan for retirement?
To begin with, an annuity could provide a guaranteed “paycheck” for life and a reliable source of income? In simple terms, an annuity is a series of payments made at regular intervals. Go to smarturl.it/PruAnnuities for more information.
Where do annuities fit when it comes to retirement and are they all you need?
Annuities can help grow your initial assets while offering protected monthly income for the rest of your life that can fill a critical gap in your retirement funds. And while I don’t have a pension and neither does my husband, we do have some money that is earmarked for retirement including IRAs– so why do we need an annuity too? An annuity can help provide a guaranteed “paycheck” for life and a reliable source of income. Annuities can provide a safeguard when the market stumbles, and an income stream you can count on. Prudential has the knowledge and solutions to help you find ways to fill a critical gap in retirement planning by developing strategies to help supplement savings, social security and investments.
Working with Prudential has really broadened my understanding of retirement. But of course, like so many women, I have more questions! And if you are one of them, the best thing to do is to work with a Prudential financial professional to help create a strategy for steady, protected lifetime income. You can click here to set up a complimentary meeting with a Prudential financial professional: smarturl.it/pruform.
1Prudential Retirement analysis; National Center for Health Statistics, Health, United States, 2015: With Special Feature on Racial and Ethnic Health Disparities. Hyattsville, MD. 2016;
2U.S. Census Bureau, Historical Income Tables Table P-40: Women’s Earnings as a Percentage of Men’s Earnings by Race and Hispanic Origin, 2016