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How To Invest and Save Money
Britt Erica Tunick is an award winning financial journalist who has spent the past 17 years writing about virtually every aspect of finance. She has mastered the art of boiling down complicated financial topics for readers to understand. |
Women need to think about saving and investing differently than men. Some Basic Facts Women Should Consider About Investing for the Future By Britt Erica Tunick When it comes to managing finances and saving for the future, men and women aren’t created equally. Like it or not, despite all the inroads of feminism and efforts towards equality, there are still some basic differences that continue to ring true in the lives of most men and women. As such, women need to think about saving and investing differently. Nearly 100 years after women earned the right to vote the reality is that the majority of women still don’t earn as much as men even when working in identical roles. According to data from the White House, as of the Spring of 2015 the average woman continues to earn only $0.77 for every dollar earned by their male counterparts. And the gap in what men and women can save is only compounded, given the reality that women remain the primary caregivers and are therefore more likely to interrupt their careers either by taking a break from their work lives or by switching to part-time hours in order to stay home with children and avoid the hefty costs of daycare. In cases where women voluntarily interrupt their careers to raise children, not only do they sacrifice the income they would have had during those years, they also reduce the overall contributions they will make to pensions, 401k plans or IRAs and lower the Social Security payments they will receive once they reach retirement age. Then there’s the simple fact that women outlive men an average 7 years in the U.S., meaning they have less time to save, yet a need for their retirement savings to last longer. Given the above realities, there are some basic things women should consider when saving for the future:
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