Tips to Help Single Women Struggling to Save for Retirement

There’s no doubt that planning for retirement is a tough task for most Americans, but it can be even harder for women. It’s no mystery why.

The average woman will live five years longer than her male counterpart, according to the Centers for Disease Control and Prevention, which means she needs to prepare for a retirement that is potentially much longer.

Women in the United States earn about 84 cents for every $1 earned by men, according to the National Women’s Law Center, and they spend more time out of the workforce caring for children and parents, according to the Family Caregiver Alliance. As a result, women tend to accumulate less savings for retirement.

And in the end, many women face retirement on their own. A recent Bank of America study found that almost all women (94%) believe they will be personally responsible for their finances at some point in their adult life.

Whether they outlive their partner, never marry or join the growing ranks of those who’ve gotten a gray divorce, retirement planning challenges can be even more acute for single women. This year, more Americans will turn 65 than at any point in history, and with this milestone, we’re seeing more single women than ever facing retirement without the financial balance provided by a partner.

As a mother of two single, college-age daughters, I spend a lot of time talking with them about preparing for their financial futures. Recently, I challenged my oldest daughter, who is considering a new job opportunity, to look beyond the salary she was offered to evaluate health, retirement and other benefits included in the package….