According to the latest data, women in the United States are lacking retirement savings than men mainly because of their lower earnings. They are more likely to rely solely on social security upon reaching retirement.
What can be done to improve living standards in retirement age?
American economists have calculated that an amount of $1 million should be accumulated in accounts for a secure old age. If person enters into a retirement annuity agreement with an insurance company 35 years before a well-deserved rest, this amount is not so great. Early insurance annuity is also advantageous with tax benefits.
The retirement age in the US is now 67 years old. It is possible to retire earlier, but the payments will be lower. An early retirement is possible at the age of 62. For that one needs to write a statement and indicate the reason for his decision. The social pension will be only 70-80% of the accrued monthly payments, depending on age and place of service.
If you are approaching the age of 60, you should settle the following issues:
What is your insurance coverage?
Have you appointed beneficiaries?
Does your annuity provide long-term care payments to health facilities?
Source: https://www.govexec.com/pay-benefits/2020/03/retirement-considerations-women/163736/
Photos are from open sources.
