Retirement Savings Tips for Women

Women often don't save enough for their retirement years. Many take part-time jobs without retirement account benefits, don't work as they care for families or invest conservatively. Learn a few retirement savings tips that help you and the women you love prepare for your future.

Start Now

Whether you're fresh out of college or in your 50's, start saving now for retirement. Every little bit of cash you save will earn interest and help you achieve your detriment goals.

Take Risks

Women tend to invest in more conservative investments than men. Consider choosing a few aggressive funds along with conservative ones as you balance your retirement portfolio and boost potential yields.

Contribute to Your Employer's Retirement Account

There are as many as 62 million women between the ages of 21 and 64 who work in the United States. Only 45 percent of these women participate in an employer-sponsored retirement plan. If your employer offers a retirement plan, start making contributions as soon as you're eligible. Take advantage of matching funds, too, because that's free money.

Save Your Raises

Extra money in your paycheck is attractive, but consider saving it in a retirement account instead of using the extra money to improve your lifestyle. You won't miss the extra if you move it automatically each paycheck from your checking to retirement fund account.

Stay Loyal to Your Job

Because most companies require employees to work for five or more years until they're fully vested in their retirement account, resist the urge to switch jobs or take time off.

Reinvest Retirement Money if you Switch Jobs

If you do decide to change jobs, make sure you switch your retirement accounts, too. In most cases, you have 60 days to transfer the money to another account before you must pay income tax.

Accumulate Social Security Earnings

When you work, you receive Social Security credits that assist you financially when you retire. Check your annual statements for updates on how much Social Security money you've accumulated.

Save Even if You're Self Employed

Even if you work for yourself, you can open a Simplified Employee Pension Plan (SEP). A Savings Incentive Match Plan for Employees of Small Employers (SIMPLE) is another option that allows you to set money aside for retirement.

Postpone Retirement

The urge to step down from corporate life and pursue hobbies, travel or nurture grandchildren is strong. Working a few more years allows you to continue boosting your retirement savings, though, while you're still healthy enough to work.

As a woman, you can take steps now to prepare for retirement. Discuss your financial plans with your Human Resources department or retirement plan administrator as you maximize your savings today.
Need insurance for You, Your Family or Your Business?
We can match you to a qualified, local insurance expert!
Further Reading
Do you struggle to stretch your low income and make ends meet? Whether you're living on unemployment, just entering the workforce or received a recent pay cut, saving for retirement might be the last thing on your mind. However, seven tips can boost ...
Workplace-based retirement savings plans, such as 401(k) plans, play a crucial role in ensuring retirement income security for U.S. workers. These plans have risen in prominence, as traditional pension plans now cover a shrinking number of workers, a...
When preparing retirement funds to sufficiently carry an employee through their retirement years, it's crucial for the employee to think about all the ways that they can potentially maximize their workplace benefits. A great example can be found by l...
There are those things that we struggle to find a use for, but money is rarely one of them. Most of us have wants and needs like paying for housing, clothes, food, transportation, and leisure activities. Fulfillment of these usually means that saving...
In youth, retirement is often idealized as a return to carefree days of leisure. However, as it actually approaches, this ideal fades to reality. Retirement is a phase of life where there's a limited amount of money and limited ability in determin...