Pebble Beach, CA How Much Money Will You Need To Retire?

It is a well known fact that women live longer than men.  However, when planning for retirement, many people don't realize just how much income they will need to have saved for day-to-day bills if they live into their 90's or over 100.  Medical costs alone are being shifted more and more from Medicare to the senior and many other costs for things that you buy every day are rising at a rate which is faster than inflation.  According to the U.S. Census Bureau, the poverty rate for women over 65 is 10.7% compared to just 6.2% for men.  This is due in part to the fact that many couples outlive their savings, the husband passes away before the wife, and she is left on her own with very little money.  In addition, the latest issue of Kiplinger's Retirement Report notes that the Government Accountability Office put out a report last year saying that women have a harder time saving for retirement than men because they take more time off from work to care for family members.  They typically have lower earnings than men when they are at work as well.  Take time to sit down with a knowledgeable financial planner before you get too close to retirement to find out the real numbers on how much money you will need in order to enjoy your golden years without having to worry about money.