Phil Cannella and Joann Small continue to stress how important it is for women to be educated on retirement issues. With everything our mothers do for us throughout our lifetimes, we all want to see them enjoy their golden years to their fullest extent. Part of that is spending time with the grandchildren, but an equally important element is assuring their financial security in retirement.
Joann Small-President and CEO of First Senior Financial Group (home of the exclusive Crash Proof Retirement System) & co-host of The Crash Proof Retirement Show, is proud to specialize in helping women in retirement to navigate the unique issues specific to females. But the journey to retirement remains considerably different for a woman. Between taking time away from the workforce to bear children, to raise those children—not to mention the notorious pay discrepancies women face in many professions—saving for retirement years can be a challenge for women.
Phil Cannella has pointed out the dichotomy between earning power and life expectancy as yet another challenge women are facing.
“On average, women are living about 10 years longer than men, so they need more money for retirement to cover added healthcare costs.”
Statistics from the Employee Benefit Research Institute (EBRI) show that while women and men contribute roughly the same amount per year to their IRAs, men ultimately end up with larger nest eggs. Joann Small asked Alicia Munnell, Director for The Center for Retirement Research at Boston College, about the top issues facing women in retirement. Munnell said:
“Our whole retirement system is income-based. Women work fewer years on average and earn less on average. If their husbands die first, those with pensions lose some or all of that money, and Social Security income goes down. Also, the expenses associated with a husband’s death can eat into household assets.”
There is hope, however, as additional studies show that most women would benefit from greater education in the area of retirement during their working years. Phil Cannella and Joann Small are uniquely qualified to provide that education as Retirement Phase Experts utilizing the proprietary Crash Proof Retirement System.