I read a great article from WomenCorp today by Kent Irwin of eFinplan LLC that lists eight factors which typically leave businesswomen poorer during their retirement years than businessmen. It’s an unfortunate reality but one businesswomen need to be aware of and tackle in the short term.
Here’s a recap of the eight factors Kent lists in his article:
- Women earn less money
- Women’s health insurance may cost more
- Women may take ‘time-outs’ from work
- Social Security checks may be lower for women
- Women live longer than men
- Single mothers are the poorest in retirement
- Women may make less on their investments
- Women are not well represented in the financial planning industry
Kent provides great suggestions for what businesswomen should do to mitigate the effects of these factors that naturally work against them as they plan for their retirement years. Give his article a read or bookmark it for future use. As Kent suggests, you may even want to bring the article with you to your next meeting with your financial planner to make sure you have all your bases covered. Don’t sell your retirement short.
Do you have any other suggestions for how businesswomen can maximize their retirement savings? What has worked particularly well for you in relation to your retirement plan strategy?