A not-so-surprising research result: women, who need more money to retire on than men because they live longer, have an average of almost $41,000 less in their retirement accounts than men. According to Jean Chatzky, women are paid less, are more likely to be single parents, and spend more time working at home raising their children. Women are also more inclined to have part-time jobs with no retirement plan, and that affects the amount of Social Security benefits a woman can expect to receive. Chatzky offers some tips for women: Contribute to your employer’s matching IRA, include retirement savings as a budget item, and get some good financial planning advice.
Read full article here: Jean Chatzky’s Gift to Moms: 3 Tips for a More Secure Retirement
Carrie Rattle is a Principal at BehavioralCents.com, a website for women focused on mind and money behaviors. She has worked in the financial services industry for 20+ years and hopes to inspire women to better prepare themselves for financial independence.