Women need to approach retirement planning a little differently than men. On average, women live longer yet have less saved for retirement and lower Social Security benefits—due to more time away from formal employment for children, as well as the continuing income gap between men and women.
One study, by Financial Finesse, found that on average, a 45-year-old woman still needs to save an additional $522,000 by age 65; by contrast, a 45-year-old man needs to save only $267,000 by age 65. One of the best ways to boost retirement income to remain in the workforce longer, if possible—potentially increasing Social Security benefits and retirement-plan contributions. Another is to conduct smart financial planning to make sure retirement income will be maximized, through a combination of Social Security, retirement plan benefits and products like annuities that can guarantee income for life.