Excerpt from: AARP (click for full article)
Studies show that 60 percent of boomer-age women say they aren't confident they'll have enough money to live comfortably in retirement.
The problem isn't unique to boomers — it's a woman thing. Some of our greatest strengths as women also make us more economically vulnerable. For example, our tendency to take care of others first — including taking time out of the workforce to care for children and ailing parents — can compromise our financial futures.
The time away from the workforce not only lowers women's lifetime earnings and savings, it also lowers their ultimate Social Security and pension benefits. Leaving a job to care for an aging parent costs the average woman more than $324,000 in lifetime wages and benefits, substantially increasing her risk of living in poverty in her own old age.
Many divorced women struggle to raise children without any assistance from a partner, and some compromise their financial security by supporting grandchildren.