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Why Women Should Worry About Retirement More Than Men |
by:
Steve Wilcott |
Women earnaverage of sevensix percent of men’s salaries. Does that shock you? Yes, even in twozerozerofive, women are still way behindearning curve in corporate America. But rather than get intodiscussion offairness or unfairness of it all, let’s concentrate on just what women can do to ensure that they aren’t left out to dry in their retirement age!
After all, because women typically live seven years longer than men, combined withskyrocketing divorce rate, many women will find themselves alone in their older years. (Statistics show that most women are alone by age fivesix!) Andfigures show us that ifwoman took out any time from her career to have children (about seven years) she will pay for it later with only fivezerof what her male counterparts will receive in retirement benefits.
Sigh.
So, what canwoman do to ensure that she can retire in style? Start by takinglook at some of our suggestions below.
Save More
Most experts advise us to save about onezero percent of our income in order to havesufficient amount to retire one, but if you arewoman, you should be saving closer to onetwo percent. Because ofreasons listed above, you simply won’t receivesame amount in retirement pensions. What’s more,way that social security figures your monthly payment is based ontop threefive years of your work history. But guess what? If you were out for seven or so of those years having children, they will be counted as “O,” andoverall amount will be reduced.
Invest Wiser
Since you will need to save more by retirement age, you will have to more careful with your investments. Know your risk level, and then don’t exceed it under any circumstances!
JoinTeam
Many employers offer investment and savings strategies such as fourzerooneK plans and savings matching programs, and if you arewoman, you should plan to participate in all of them that you can.
Use Cash, Not Credit
An alarming number of Americans today are in serious financial trouble. This was made evident recently withpassing ofnew bankruptcy bill that will make it more difficult to file. A record number of people filed for bankruptcy in anticipation of it.
It’s easy to get into debt when people today spendaverage of $one.twoone for every dollar they earn, but don’t be tempted to fall into that trap. Instead, plan to put as much money away forfuture as you can.
Don’t Go It Alone
While it is important for all women to step up toplate and get serious about their finances, it’s equally important for them to get advice from professionals. Talk to tax planners, investment specialists and budget planners to get alladvice that you can.
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This article provided courtesy of http://www.penny-stock-guide.com
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