What will your retirement Look Like?

Did you know that for women aged 65 and over Social Security represents two-thirds of their income? Without Social Security, it is estimated that 58% of widows (age 65+) would live in poverty, according to a report by the Joint Economic Committee of the US Congress in 2010. With inflation and other economic pressures, women who count income from social security in retirement may be faced at some point with the choice between food or medicine, rent or car repairs, or a myriad of other financial dilemmas.

Have these women are considering such a lean future? Probably not. Only a few probably wish they understood the best money issues or actively invested in retirement.

You have the power to change your future by being aware of these situations affect your ability to save for retirement and taking proactive steps now to prevent problems in the future

Know that these factors will influence your ability to earn, save and will not outlive your money in retirement :.

women spend on average 12 years in the labor market. Often this is due to women taking responsibility-for children or adult members of the caregiving family. This means they have 12 years less than men in which they put money into their retirement funds

Women live longer On average, they live five years longer than men .. 80.5 years against 75.5 for men, according to the Centers for Disease Control and prevention. But they can actually spend a decade or more on their own due to divorce or widowhood.

Women face an earnings gap. Women earn only $ 0.78 for every dollar that men, according to the Bureau of Government Accounting. And the gap is even greater for women of color

Here are some areas where you can be proactive about ensuring a financially successful retirement :.

Make sure you get paid what you are worth in the workplace. Some women are reluctant to negotiate a better salary. Do not worry that it looks too aggressive; Men do it all the time. It takes confidence and probably a little research to affirm your professional value with your boss, but you need to do.

Do not equate a rich spouse with a pension plan. Remember, that destiny knows where that spouse and the money could end one day.

Make sure you have a plan in place. Most sensible is to sit down with a counselor who can guide you through what you might need now, as life insurance (for both you and your spouse, if married), the 'disability insurance and a solid investment strategy for your retirement. As you reach your middle years, the assurance of long-term care becomes an important factor in order not to destroy your retirement nest egg, if you or your spouse need care.

Preparing for a healthy retirement requires attention, patience and dedication. But most importantly, it requires you to take that first step. I invite you to do it now.