Everyone is working longer before retirement – particularly women

Average retirement age for men and women, 1962-2016 (from http://crr.bc.edu/wp-content/uploads/2015/10/Avg_ret_age_men.pdf )

Men and women are different, in case you weren’t aware.

And not just physically – the differences extend into many aspects of life, including retirement. Our gender affects the predicted average length of our lives and the age at which we will likely choose to begin retirement.

According to the Center for Retirement Research at Boston College, which studies Americans and their retirement, retirement age for men was decreasing (men were retiring at younger ages) until about 1992, and then it began to rise.

For women, the age at which they retire has been steadily increasing as far back as the Center’s records go – since at least 1962. And it’s still headed upward.

Year     Men’s Age    Women’s Age
1962        66            53
1965        66            56
1968        66            56
1971        65            56
1974        64            56
1977        64            55
1980        64            56
1983        63            56
1986        62            57
1989        62            59
1992        62            59
1995        62            60
1998        63            60
2001        63            60
2004        63            61
2007        63            62
2010        64            62
2013        64            62
2016        65            63

 

The gap between retirement age for men and women has decreased substantially – most recently (in 2016), women are retiring only two years sooner than men. But two years is still a gap, and that means it remains important for women retirees to plan differently than men.

Women not only tend to retire a couple of years earlier, but they also live longer on average. That means they need their retirement income to cover a greater number of years without any additional working income.

At Texas Financial and Retirement, we work with single working or retired women, as well as with families who have, or have had, one or both spouses working. Honestly, everyone’s situation is different.

That’s why we start by listening to each person’s goals and desires for their retirement years. Then we study what resources they’ve accumulated while working. Only then do we begin to develop a written plan customized for that person or family. That includes planning for what happens if one spouse or the other passes away first, and also accommodates the typically longer lifespans of women and how that affects their retirement.

Contact James Holloway, Sr. and the team at Texas Financial and Retirement at bestclients@texasfinancialandretirement.com or (903) 534-5477 today to apply for a free initial consultation. We’ll take a look at where you are and where you want to be, then provide you with expert, professional, experienced advice to help you ‘get retirement right.’