My mom retired at the young age of 63 from the State of Alabama. She had been single longer than she was married, so her decision to leave Montgomery, Alabama and move elsewhere was not a surprise. My sister and I tried to persuade her to move closer to us; I was in a Baltimore suburb and Susan was in the Atlanta area. Our small hometown, though familiar, was not offering our mother the peace and relaxation she wanted. She did not have any ties keeping her local, but she didn’t want to move to a city with big city problems, big city traffic and big city prices. She had always enjoyed visiting her sister, so she eventually opted to move 15 minutes from her sister’s home in the mountains of western North Carolina. My mom was familiar with this new town from her annual visits. Before she moved, though, she—and other retirees in similar circumstances– have to consider the following:
The National Institute on Retirement recently reported that females are “80% more likely than men to be impoverished at age 65 and older.” We’ve known for a long time that women make less money over a lifetime than men do and that battle is still being fought. But what can women of all generations do right now to ensure a more financially comfortable retirement?
Over the last few years, there’s been so much news coverage on how the economy and stock market crash delayed retirement for many. Everyone knows retirement-age adults who continue to work because they can’t afford to retire. But another major reason older workers postpone retirement gets less media attention: they don’t know what to do with all that free time.