The Society of Actuaries published a study (December 2010) The Impact of Retirement Risk on Women. There is much work to be done preparing both men and women who live longer but especially women because of the longer life expectancy.
One of the problems, not surprisingly, is our ability to look long term. According to the study, the median time horizon for planning the future is five years – way too short a time when decisions made in your 60s impact you in your 90s. Also, many do not understand the financial consequences (especially expenses) of living into “extreme” old age.
One of the major decisions that impact financial security in later life is to retire later. Yet, in our current environment, people may lose that option. According to the study, almost four out of 10 people retire earlier than planned due to layoffs, health issues or other family members requiring assistance.
If you’d like to read the report, you can find it on http://www.soa.org