For the women out there hoping to retire, I’ve got good news and bad news.  First the bad news – women are, on average, less prepared for retirement than are men. 

During their working years, women tend to make less than men, which translates into lower savings for retirement.  In addition, the fact that women have a longer average lifespan than men means that retirement is more costly for women and they need to save more. 

Now for the good news I promised – according to a recent study by Harris Decima (commissioned by Bank of Montreal) once women make it to retirement, they seem to enjoy it far more than men.  

Women do encounter struggles in retirement that are not equally felt by men – in addition to the problems I’ve already mentioned, given divorce or widow-hood, women are more frequently left on their own in retirement. Still, once retired, women are more likely than men to describe their retirement as being “very successful”. Additionally, studies have shown that women tend to become happier as they become older. 

Another benefit that women enjoy once they’ve reached retirement is that, compared to men, women evidence an increased willingness to seek professional advice about their financial situation. While men tend to take a “go it alone” approach when it comes to post-retirement financial planning, women are more likely to seek the advice of a financial planner.