When it comes to finances, parents of adult children should remember the advice you get on the airplane: “Apply your own oxygen mask first.”
Retirement planning is much tougher for women than it is for men.
Montreal-based BMO Financial Group offers these statistics about Americans.
Women live longer than men. By age 85, there are six women for every four men. At age 100, the ratio is more than 2-to-1.
Women earn less than men, and that translates into less savings. In 2010, women earned 81 cents for every $1 men earned.
Women have more intermittent work histories. It is hard to get around the fact that women have the babies.
Widowhood or divorce reduces women’s income. The average age of widowhood is 65. In the first year after a divorce, twice as many women than men had an income below the poverty level.