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Updated: August 192, 2004 Womenand InvestingYour Special Financial Considerations
Women are still far more likely than men to make careerconcessions in order to raise their families. Furthermore, even womenwho work full-time still earn less than men, on average. While we havemade some strides toward achieving fairness in pay, we're not thereyet. However, more and more women are taking charge of theirfinances. In short, if you're a woman -- whether you have children ornot -- you are going to have special financial considerations,especially in the area of saving for retirement. Consider thesefactors: More than percent of all women will be solelyresponsible for their own finances at some point in their lives --mostly as they get older. On average, men collect $10,450 in retirement income, fromall sources, compared to just $6,020 for women. Because women live an average of seven years longer thanmen, they're more likely to outlive their assets. Only 50 percent of working women have pensions. Women aremore likely to work in smaller businesses that do not offer pensionplans. You get the picture. You simply must take significant actionon your own behalf if you are going to enjoy a comfortable financialfuture. Fortunately, there are many steps you can take. Here are just afew:		Pay Yourself First Every time you get paid, turn around and write out a check to whateversavings or investment vehicle you have chosen -- before you pay anyother bills. Better yet, take advantage of payroll deduction, bankauthorization or systematic investment plans so that your money isautomatically invested before you even receive it. Such a plan,however, does not assure a profit and does not protect against loss indeclining markets. Invest For Growth To achieve your retirement goals, you may need to put some of yourinvestment dollars into "growth" vehicles, such as stocks or mutualfunds. Historically, stocks have appreciated more than other types ofinvestments. More importantly, other types of investments, such as CDsor Treasury bills, may not even keep up with inflation, so you couldend up losing purchasing power if your portfolio is notwell-diversified. Take Full Advantage of Available Retirement Plans Save on a pre-tax basis through your employer's 401(k) or by making IRAcontributions. If you can't deduct an IRA contribution, consider a RothIRA. Contributions to a Roth IRA are not deductible, but a Roth doesoffer tax- free income at retirement under certain circumstances. Ifyou are self- employed, a Simplified Employee Pension Plan (SEP) orother qualified retirement plan may offer you a business tax deduction. You're In Control By following the steps described above, along with any others that makesense for your individual situation, you can take charge of your ownfinancial future. It will take some time and effort -- but the ultimategoal is well worth it.
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