Study: Women have a hard time saving for retirement - MyFoxAustin.com | KTBC Fox 7 | News, Weather, Sports

Study: Women have a hard time saving for retirement

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A government report shows that even though there are more women than ever in the work force, women still have a hard time saving for retirement. That means they have almost twice the poverty rates of men in their later years.

The government has crunched some numbers, and they think they've come up with a few reasons for the problem.

First, women make less money. Second, they're more likely to leave a job for a while to take care of the kids.  Third, when couples divorce, income drops 41 percent for women, that's almost twice as much as a man in the same position.

Here's what you can do to close that gap according to the web site Daily Finance.

  • Participate in 401K Plan
  • Maximum Contribution
  • Start an IRA
  • Long Term Care Coverage


If you're married but not working, there are ways to take advantage of a spousal IRA. And ladies, because you live longer, make sure you consider long-term care coverage.

Finally, women need to help play a role in retirement planning.  Don't leave it up to your husband.  Studies show that when you're involved, you'll end up saving more money for yourself in the end.

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