Women Fear Retirement More Than Men Do

by KYW's Salil Gutt

Women fear retirement more than men do. That was the finding of a study done by The Hartford Insurance Company and the MIT AgeLab.

A higher percentage of women than men worried about three main concerns - decline in health and the ensuing costs of long term care, outliving money and inflation hitting purchasing power over the years.

Women worry more because they outlive men and the concern is around who will take care of them at that time.  The irony here is most financial firms do not target advice to women.

One solution is for women to become better informed about personal finances. A good starting point is to subscribe to a personal finance magazine like Money magazine, Kiplinger Personal Finance magazine or SmartMoney. The material is presented in laymen's terms and in an easy to understand manner. You will be surprised how much knowledge you will gain after a year, even though the material may appear to be over your head initially.