Women’s Retirement Income Takes Another Hit New York Times December 19, 2017 Women lose time in the workplace because of their roles as caregivers. Here’s an interesting article that talks about the financial consequences women face when they take time out of the workforce to care for aging parents. It is about to become even worse for women. Think about this: For the most part, women are the caregivers of young children at home, and now overwhelmingly they have been the caregivers of our parents. That means their Social Security benefits and retirement benefits are diminished because they have much less time in the “paid” workforce. According to the American Time Use Survey, twenty-five percent of women age 45 to 64 and fourteen percent of women age 35 to 44 are caring for an older relative. Genworth Financial found caregivers were providing twenty or more hours per week of care giving. By 2030 one out of every five Americans will be over age 65; that means the need for care giving will only increase. Another study found that Baby Boomers will need, on average, three years of long term care. One in five will need up to five years of care. If these Boomers have no long term care insurance policy in place to provide benefits for care, it will be left to wives and daughters to provide “free” care, which ultimately equates to lower retirement income. Caring for loved ones will cost women. This is just one of the challenges we face in terms of financial security in retirement. Check out the article. pattifaganHello, I’m Patti. I’m an award-winning, certified life & money coach and retirement planner. I’ve worked with hundreds of women, school teachers, and their families to create a big-picture plan for their money and secure retirement. As a result, I noticed how women do money differently than men. Yet, the unique (emotional) needs of women have not been well served by the financial services industry. Which is why I’m super passionate about this work. I’m on a mission to teach women how to heal their relationship with money, take charge of their future and create a life they truly love.