Why women are special
The last couple weeks, I have seen a lot more written about women. There was a big report presented to the Senate’s Special Committee on Aging the end of July. Here is the biggest take away:
“Specifically, the participation rate for women in any type of plan, defined benefit or defined contribution, declined slightly from 87% in 1998 to 86% in 2009, while the participation rate for men declined from 91% to 87%,”
Anyway, the “rule of thumb” for a couple is the time the spouse with the higher benefits should claim should be based on the life span of the second to die since the higher benefits carry over into survivor benefits.
So, are women special? Of couse, yes. But, the real need is around planning for a longer mortality (planning horizon) that women have.
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