Homemakers face serious retirement risks

How credit unions can help members and employees

Four of five American homemakers are women, and they are less confident than Americans who work outside the home that they’ll be able to be financially comfortable in retirement, according to the report, “Homemakers are Not Off the Hook: How Should They Be Planning for Retirement?”.

The Aegon Center for Longevity and Retirement released the report in 2015, in collaboration with the Transamerica Center for Retirement Studies.

Serving homemakers’ retirement savings needs probably isn’t a priority for most financial institutions, but it’s a perfect fit for family-friendly credit unions.

“It is a myth that only workers retire,” Catherine Collinson, executive director of ACLR and president of TCRS writes in the report. “Homemakers also need to plan and prepare for financial security in old age. For everyone, and especially homemakers, a separation, divorce or loss of a spouse or partner can be devastating both emotionally and financially.”


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