Women and Retirement Savings
Planning and saving for retirement may seem like a goal thats far in the future. Yet saving, especially for retirement, should start early and continue throughout your lifetime. Here are four reasons why saving matters for women and especially for you!Do You Know?
- Of the 59 million wage and salaried women working in the United States as of June 2000, less than half just 47 percent participate in a pension plan.
- Womens employment patterns are different. They are more likely to work in part-time jobs that dont qualify for pension coverage, or to work fewer years in pension-covered employment because of interruptions in their careers to take care of family members.
- On average, a female retiring at age 55 can expect to live another 27 years, four years longer than a male retiring at the same age, and needs to save for these extra years.
- Studies indicate that women tend to invest more conservatively than men, receiving lower rates of return from their investment over time, thus reducing the amount of savings they have at retirement.