Women of all ages believe saving for retirement is the top priority, according to the Credit Union National Association’s Women’s Financial Survey.
CUNA is a trade association that serves 90 percent of America’s 7,200 state and federally chartered credit unions, all of which are not-for-profit cooperatives.
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Of the age bands surveyed, 84 percent of those between the ages 54 and 63 were most interested in saving for retirement. The least interest expressed (54.3 percent) was by the youngest of the brackets (ages 20 to 33), which comes as little surprise.
This survey reveals the need for financial literacy education to prepare all women for the reality that is retirement and or long-term care. With lengthy investment horizons, they can benefit the most from the math behind compounding.
The next two age bands demonstrated substantial increases in interest in saving for retirement (67.7 percent for ages 34 to 43, and 78 percent for ages 44-53). Sixty-two percent managed their own finances. A quarter (25.8 percent) co-managed their family finances.
Source: Salt Lake City Tribune
Christopher J. Berry is a Michigan estate planning attorney and Medicaid planning lawyer dedicated to helping seniors, veterans and their families navigate the long-term care maze. To learn more visit http://www.theeldercarefirm.com/ or call 248.481.4000