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Women Need to Save More to Support Their Longer Lives

It may seem counterintuitive that you're presented with retirement savings options the moment you get your first job. You just started working and you're asked to consider your life when you've stopped working for good. That's reality folks, because unless you have a family fortune to count on or make serious dinero that lets you worry less, it can take your working lifetime to save enough to live during retirement.

A new study released by human resources consulting firm Hewitt Associates determined that women aren't saving enough to support them through their longer lives. Women tend to start saving later than men and are in retirement an average of three more years. Learn more about the study and how to make up for lost time when you

.

The study surveyed projected retirement levels of about 2 million workers and used actual employee balances. Here are the key conclusions from their findings.

  • 25 percent of women didn't contribute enough to take advantage of the company match.
  • Not including an employer's matching contribution, a woman who earns $57,000 a year can save an extra $81,000 by the time she retires if she boosts her contribution from 2 percent to 4 percent (an extra $95 a month).
  • 90 percent of women were unsure about managing their finances.
  • Men and women are on track to save about 67 percent of what they'll actually need for retirement, and Hewitt estimates workers will need to replace 126 percent of their salary after retirement.

Source

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xs6 xs6 8 years
This website is really informative on the topic of drug addicts,its recovery and helpful tips as well. Addiction Recovery Louisiana
lawchick lawchick 8 years
renees3, 10% is A LOT. that is wonderful and you should be proud of yourself!
looseseal looseseal 8 years
Eh, I'll just eat a lot of junk and develop some unhealthy habits when I get near a certain age to make sure I don't live too long after that. ;)
looseseal looseseal 8 years
Eh, I'll just eat a lot of junk and develop some unhealthy habits when I get near a certain age to make sure I don't live too long after that. ;)
Renees3 Renees3 8 years
I really suck at saving money, but no matter what I put 10% into my 401K every paycheck since I started. Are there any charts or anything to show where I should be at at my current age (25)? I never really know if I'm on track or not. Getting my finances under control is a goal of mine for this year. I don't want to always live paycheck to paycheck.
Lovely_1 Lovely_1 8 years
Hehe! I am only 21 and have a greta plan made up for my savings. Seriosuly, I am retiring when I am 50!
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