By Steve Wilcott
Women earn an average of 76 percent of menís 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,
letís concentrate on just what women can do to ensure that
arenít left out to dry in their retirement age!
After all, because women typically live seven years longer
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
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
So, what can a woman do to ensure that she can retire in
Start by taking a look at some of our suggestions below.
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.
of the reasons listed above, you simply wonít receive the same
amount in retirement pensions. Whatís more, the way that
security figures your monthly payment is based on the top 35
years of your work history. But guess what? If you were out
seven or so of those years having children, they will be
as ďO,Ē and the overall amount will be reduced.
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 donít 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
Use Cash, Not Credit
An alarming number of Americans today are in serious financial
trouble. This was made evident recently with the passing of
new bankruptcy bill that will make it more difficult to file.
record number of people filed for bankruptcy in anticipation
Itís easy to get into debt when people today spend an average
of $1.21 for every dollar they earn, but donít be tempted to
fall into that trap. Instead, plan to put as much money away
for the future as you can.
Donít Go It Alone
While it is important for all women to step up to the plate
get serious about their finances, itís 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.
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