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Why Women Should
Worry About Retirement More Than Men
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Women earn an average of 76 percent of men’s salaries. Does that shock
you? Yes, even in 2005, women are still way behind the earning curve
in corporate America. But rather than get into a discussion of the fairness
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 with the skyrocketing divorce rate, many women will find themselves
alone in their older years. (Statistics show that most women are alone
by age 56!) And the figures show us that if a woman took out any time
from her career to have children (about seven years) she will pay for
it later with only 50% of what her male counterparts will receive in
retirement benefits.
Sigh.
So, what can a woman do to ensure that she can retire in style? Start
by taking a look at some of our suggestions below.
Save More
Most experts advise us to save about 10 percent of our income in order
to have a sufficient amount to retire one, but if you are a woman, you
should be saving closer to 12 percent. Because of the reasons listed
above, you simply won’t receive the same amount in retirement pensions.
What’s more, the way that social security figures your monthly payment
is based on the top 35 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,” and the overall 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!
Join the Team
Many employers offer investment and savings strategies such as 401K
plans and savings matching programs, and if you are a woman, 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 with the passing of the new 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 spend an average of $1.21
for every dollar they earn, but don’t be tempted to fall into that trap.
Instead, plan to put as much money away for the future as you can.
Don’t Go It Alone
While it is important for all women to step up to the plate 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 all the advice that you can.
About The Author:
Peter Dobler is a veteran in the IT business. His passion for experimenting
with new internet marketing strategies leads him to explore new niche
markets.
Read more about his experience with credit and mortgages; visit
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