Why Single Women Should Save for Retirement?

Saving up for retirement should start early on, especially while still single. Women should plan about retirement most of all because in the United States, the women usually get the short end of the stick.

While women need the same monthly income as men to support their needs, they traditionally earn less than men and are more prone to have broken work patterns or part time jobs. This is why it is no surprise that only about 35 percent of single women plan for retirement.

Still not convinced on saving for retirement? Do you know that the United States has the highest poverty rate of older women? Also, pensions received by women are usually worth less than those received by men. How can you be assured of a fulfilling life at your senior years if you do not have enough money to spend?

Saving for retirement should start now. If you work for a company that offers a pension plan or 401K, invest as much as you can afford. If your workplace does not provide such program, put aside money every payday and never ever spend it.

Learn all you can about saving and investing. The Internet is full of vital information that you can use to educate yourself. With more knowledge, you become better prepared in taking control of your retirement.

Control your spending. Make sure you need something before you buy it. Also, never go into debt that you cannot afford paying back. Learn to budget your money and put your spending to the minimum.

 

Posted by Ardent Editor on Aug 21 2008 in Women & Retirement

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