Women face challenges that often make it more difficult for them than men to adequately save for retirement. In light of these challenges, women need to pay special attention to making the most of their money.
• Women tend to earn less than men and work fewer years.
• Women stay at jobs for a shorter period of time, work part time more often, and interrupt their careers to raise children. Consequently, they are less likely to qualify for company-sponsored retirement plans or to receive the full benefits of those plans.
• On average, women live 5 years longer than men, and thus need to build a larger retirement nest egg for themselves.
• Some studies indicate women tend to invest less aggressively than men.
• Women tend to lose more income than men following a divorce.
• Women are almost twice as likely as men during retirement to receive income below the poverty level.
For more information, call the Employee Benefits Security Administration at 1-866-444-EBSA (3272) and ask for the booklets Women and Retirement Savings, Taking the Mystery Out of Retirement Planning, and QDROs: The Division of Pensions through Qualified Domestic Relations Orders (for example, divorce orders). Also call the Social Security Administration at (800) 772-1213 for their booklet Social Security: What Every Woman Should Know, or visit the agency’s Web site at www.socialsecurity.gov.
• Women tend to earn less than men and work fewer years.
• Women stay at jobs for a shorter period of time, work part time more often, and interrupt their careers to raise children. Consequently, they are less likely to qualify for company-sponsored retirement plans or to receive the full benefits of those plans.
• On average, women live 5 years longer than men, and thus need to build a larger retirement nest egg for themselves.
• Some studies indicate women tend to invest less aggressively than men.
• Women tend to lose more income than men following a divorce.
• Women are almost twice as likely as men during retirement to receive income below the poverty level.
For more information, call the Employee Benefits Security Administration at 1-866-444-EBSA (3272) and ask for the booklets Women and Retirement Savings, Taking the Mystery Out of Retirement Planning, and QDROs: The Division of Pensions through Qualified Domestic Relations Orders (for example, divorce orders). Also call the Social Security Administration at (800) 772-1213 for their booklet Social Security: What Every Woman Should Know, or visit the agency’s Web site at www.socialsecurity.gov.
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