According to a recent article in the business section in our local paper, women aren’t saving enough. Partly because we will live longer than most men. Also, statistics show we tend to invest more convervatively, start saving later and are in and out of the workforce more frequently.

Women live an average of 22 years after retirement versus 19 for men, and medical costs are rising, so women will need to save 2 percent more than men every year over 30 years to maintain their standard of living upon retirement.

Here are some of the interesting statistics from the article:

- Workers today will need to save 126 percent of their income each year to maintain their lifestyles upon retirement.

- 19 percent of all employees studied will be able to maintain their standard of living after retiring, without post-retirement medical subsidy from employers.

- 67 percent of workers are saving less than 80 percent of their projected needs for retirement.

- Less than 60 percent of large companies now offer defined pension plans.

I don’t think there is much we can do about being in and out of the workforce and sometimes it is really hard to save when we have unexpected expenses I do think though the information about women being more conservative investors is valuable. It makes sense to take a look at your investments and see if might be able to take on a bit more risk. Most people don’t realize that because of inflation sometimes very conservative investments actually yield zero gains.

retirement savings,retirement advice,investing for retirement,early retirement

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