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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 )

(RETIRE READY) — 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.’