This is the most intriguing topic to me in this series, because reading about women being ill prepared for retirement is what spurred me to write this series.
Why do women fall behind in retirement savings?
Women tend to earn less throughout their careers, and also tend to work fewer years than men. So, when it comes to income available for retirement savings, we're already behind.
In addition, non-working spouses don't have access to the 401k plans that are a common retirement savings vehicle.
Women also live longer than men, on average, so there are more years to pay for.
Considering all those factors, what can we do to prepare ourselves for retirement?
Action Plan:
1. If you haven't already, enroll in your workplace's retirement savings plan
2. If you don't work outside the home, open a spousal IRA
3. Investigate your Social Security eligibility to understand what income, if any, you will have.
4. Remember that there are loans available for your kids to attend college, but there are no loans for your retirement. Don't sacrifice your retirement at the expense of college savings!
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Thursday, March 26, 2009
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