As most of you already know, the male-female pay gap has not changed. Women still get paid 77% of men’s salaries, according to the American Association of University Women. Whether you decide to “lean in” or lean out, the facts are that women are leaving the workplace to raise children AND care for their parents. The gap between women and mens pay only gets wider for women in their 40’s and older. The next step to think about is that many women will be single in retirement. Did you know that more than half of women ages 65 and older are single? That also grows significantly as women get older.
So, looking at our current situation, HOW Can Women Get More Retirement Money?
I read about this current report on Marketwatch and the suggestions to move forward in a POSITIVE way made a huge impact on me.
What can you do?
* If you are getting divorced, make sure you negotiate for a fair share of retirement savings. This. Includes IRAs, pensions, 401ks and social security.
* If you are making retirement plans, it is essential you plan for the woman to live longer and still maintain her lifestyle.
* Purchase life insurance so you can count on income for your later years.
* Take social security as late as possible, both spouses.
* Be specific about how much to save annually. For example: 45 year old woman currently earning $100,000 per year has already saved $100,000. If she wants to retire at age 70, she will need to save $1,500 per month. Have you done this retirement exercise?