Women Less Likely Than Men to Have Written Retirement Plans
Christy Bieber of The Motley Fool cites recent research from the Transamerica Center for Retirement Studies showing just 19% of women have a written retirement plan compared with 34% of men. This is a huge deal because women generally make less than men overall, and Social Security replaces so little of one’s pre-retirement pay– 40% if you are lucky. Further, not knowing where to start (such as in having a plan) is a leading obstacle to retirement savings. Bieber states it is not hard to make a plan and suggests these five simple steps: 1. Determine when you’d like to retire; 2. Identify the amount of money you’ll need to save; 3. Calculate the monthly amount to invest to achieve your goal; 4. Outline your investment strategy; 5. Track your progress. Read Bieber’s full article here.