The retirement differences between men and women

Lisa Wurth

January 18, 2011

As many baby boomer couples may know, retirement planning seems to be different for everybody, especially one’s spouse. A recent Charles Schwab survey appears to confirm this notion, as the findings revealed a marked difference in the way that men and women manage their finances in preparation for retirement.

Men appear to be of a more independent mindset when they are investing – 47 percent said that they only trust themselves with money, while 33 percent of women gave the same response.

However, women seem to be better at communicating with friends and family about their current financial situation. A total of 30 percent of women sought advice from others, while only 17 percent of men did so.

These results emphasize the need of couples to keep talking about finances and reach a common ground. One of the most difficult areas to address may be the needs of an older parent who could require extra care in the near future.

In this case, families may want to consider installing an elderly alert system in a residence. Medical alert systems allow users to immediately send a medical alert in case they require assistance, making retirement living easier for seniors and their caregivers.

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