Study: Women have a hard time saving for retirement - FOX 29 News Philadelphia | WTXF-TV

Study: Women have a hard time saving for retirement

Posted: Updated:
ATLANTA -

A government report shows that even though there are more women than ever in the work force, women still have a hard time saving for retirement. That means they have almost twice the poverty rates of men in their later years.

The government has crunched some numbers, and they think they've come up with a few reasons for the problem.

First, women make less money. Second, they're more likely to leave a job for a while to take care of the kids.  Third, when couples divorce, income drops 41 percent for women, that's almost twice as much as a man in the same position.

Here's what you can do to close that gap according to the web site Daily Finance.

  • Participate in 401K Plan
  • Maximum Contribution
  • Start an IRA
  • Long Term Care Coverage


If you're married but not working, there are ways to take advantage of a spousal IRA. And ladies, because you live longer, make sure you consider long-term care coverage.

Finally, women need to help play a role in retirement planning.  Don't leave it up to your husband.  Studies show that when you're involved, you'll end up saving more money for yourself in the end.

  • I-Team Story ArchiveMore>>

  • Mom confronts Ray McBerry over modeling request

    Mom confronts Ray McBerry over modeling request

    Monday, July 28 2014 10:31 PM EDT2014-07-29 02:31:15 GMT
    A twice-failed candidate for Georgia governor found himself face-to-face with a mother furious over what he was trying to do this month with her teenage daughter.
    A twice-failed candidate for Georgia governor found himself face-to-face with a mother furious over what he was trying to do this month with her teenage daughter.
  • Unresolved bank errors? Help is on the way

    Unresolved bank errors? Help is on the way

    Monday, July 28 2014 8:11 AM EDT2014-07-28 12:11:30 GMT
    Taking on a big bank, even over something like a minor bank error, can be maddening. You feel like no one is listening. It's like being trapped in a maze you can't get out of, but somebody is noticing how frustrating that can be.
    Taking on a big bank, even over something like a minor bank error, can be maddening. You feel like no one is listening. It's like being trapped in a maze you can't get out of, but somebody is noticing how frustrating that can be.
  • I-Team Investigation

    Former Douglas Co. D.A. office manager indicted

    Former Douglas Co. D.A. office manager indicted

    Sunday, July 27 2014 3:24 PM EDT2014-07-27 19:24:49 GMT
    There are major new developments today in the state investigation of the Douglas County District Attorney's office. Tammy Agan, the former office manager, has been indicted on 58 counts of theft and making false statements.
    There are major new developments today in the state investigation of the Douglas County District Attorney's office. Tammy Agan, the former office manager, has been indicted on 58 counts of theft and making false statements.
  • Contact the FOX 5 I-Team

    * denotes required fields

    We're sorry, but only one entry is allowed per person.
    Thank you for your continued interest.

    Thanks for contacting FOX 5.  To reach our newsroom by phone, please call (404) 898-0100.

Powered by WorldNow

WTXF-TV
330 Market Street
Philadelphia, PA 19106-2796

Phone: (215) 925-2929
Fax: (215) 982-5494

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices