RICHMOND, VA (WWBT) – Retirement and social security aren't what they used to be. On top of that, it turns out women have some very big concerns.
According to a study from the Society of Actuaries, 55 percent of women think they won't have enough money for health care, 52 percent think they'll run through their savings before they die, and 38 percent don't think they'll be able to afford to keep their home.
Becky Bamford feels like she's in pretty good shape financially. Her car and her house are paid off and she's just back from a trip to Israel. But it wasn't always this way.
"I have no financial background whatsoever. I was poor when I grew up so I had no understanding of finances," Bamford said.
Her husband's salary provided for the family while her pay as a teacher was saved and invested. Unfortunately, her husband died unexpectedly.
"I became much more involved after he passed away when I realized I had to handle everything," she added.
"We've got a bunch of retired women right now who are here and sticking around for a while," said Chris Hobart, a financial advisor in South Charlotte.
In many cases, he said, they're outliving their spouses.
"They're going to have to face more healthcare issues and the reality they could run out of money along with the effect of inflation on their assets," Hobart said.
Hobart only works with retirees and the thing he advises most now is to have an "actively managed retirement."
"When you get into retirement don't just forget about it. Don't just leave it alone and say I don't have to worry about it anymore because there are still things that will attack you," Hobart said.
Becky did become an active participant in her retirement. She attended seminars and hired a financial planner.
"I think its very important for a woman, a single woman, to feel secure and not worry about paying for the next bag of groceries. I want to protect my money. I don't want to lose what I have," Bamford said.
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