Why Women Need To Save More For Retirement
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In a conversation with my wife about our future financial plans the subject of longevity came up. We discussed our possible longevity and how it would effect our retirement. Our estimation of a possible life into our 90’s came up. Determining we could live so long and the statistics of women living longer had to be factored into our plans.
The fact is women live longer than men. Lucky them. Because of this it makes sense that they should prepare by saving more money. If a women is single and never marries she has the whole burden alone.
Women have a second problem to deal with and that is they don’t have complete earnings parity with men. Some of this has to do with the type of job and some with history. But whatever the reason is they are not there yet. If the salary difference is 15% it puts women at at a disadvantage in saving for retirement. So this can only be made up by saving and investing more.
Another problem only women face is whenever they have a child, they leave the workforce for a period of time or maybe permanently. Men don’t have this problem. Staying home with junior ceases the salary and savings. Men are lucky they aren’t put into this position. Here is when mom has to depend on dad for current support and future retirement support. So men let’s be grateful you are trusted to carry out your role.
Men don’t have to depend on their looks as women do. Sadly our society sees women’s looks as a diminishing asset. Over time age takes the focus from older women to younger women. You see in the media how the once beautiful starlets are tossed aside for the newer, younger models.
Time and our culture work against women in the workplace. Maybe in the future, someday we will see economic equality in the workplace. But for the time being women have to compensate by saving and investing more.
Category: Family Finances, Personal Finance
