Women Need to Plan Carefully for Retirement
Written by Your 5News Team
Last updated on August 04, 2014 @ 6:58PM
Created on August 04, 2014 @ 6:21PM
Women tend to live longer than men. They also are more likely to take time away from work and they are statistically paid less than men. Those factors can lead to a poor outlook for their financial futures.
On average, women need to plan for five years more of retirement than men. The best way to make sure they will have enough is to start investing aggressively when they are young. Fairmont State University finance professor Dr. Joseph Kremer said even if you are putting away small amounts into savings in your 20s, the compound interest will benefit you much more in retirement than if you start saving larger amounts in your 40s.
"If you start saving at an early age, and you consistently are putting money in, that will mount up dramatically," Kremer said.
He also recommended investing consistently, not chasing performance in the stock market, and investing more in bonds as you get closer to retirement. Women should also remember to put themselves first in their finances. Your retirement should take priority over saving for your child's college fund.
If you're confused about how to best save for retirement you should consider meeting with a financial planner.
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