Women historically have let men plan for retirement. The old rules have changed, but women still are searching for how should navigate the path to post-work life. And that path is different than it is for men. Diane Bourdo, president of the Humphreys Group in San Francisco, and author of the book, Rewriting the Rules: Telling Truths About Women and Money, has some good advice on how to do this:
Larry Light: How is retirement planning different for women?
Diane Bourdo: Most retirement role models of the past were men, who seemed to relish their move from work by devoting their days to leisure activities and hobbies, tinkering around the house, sitting in front of the television or traveling to sunny climates. many women have had few examples and no clear expectations of how to experience their retirements, outside of continuing to be caretakers and homemakers.
What a difference a few decades makes. For most women, the plans or expectations we had when we were younger about what it would be like to age — into our 50s, 60s, 70s and beyond — have changed. While previous generations could expect to work in a single field at a single career, then retire and begin the process of slowing down mentally and physically, many women today have opportunities to delve into encore careers. They are re-inventing themselves in their professional as well as personal lives — and redefining retirement on their terms.