Financial planning for retirement: An imperative for baby boomer women

The baby boomer generation is quickly moving to the time of retirement. Signs point to the need for boomers to assume more responsibility for their financial security in retirement. In general, older women today do not have the financial resources that men do and are poorer in retirement. Conditions seem to be pointing to the fact that boomer women are moving in that direction, as well. However, women seem to prepare less for retirement. This article looks at some of the reasons for women's lack of planning and saving for financial security in retirement. Economic and psychosocial reasons that contribute to this lack of preparation are examined, and some recommendations for change are suggested.