A recent article in CNN/Money stated this about women dealing with retirement.

“As it turns out, women probably aren’t saving enough to bankroll those extra years in style. They invest more conservatively, start saving later and are more likely to be in and out of the work force, according to a study released by Hewitt Associates, a human resources consulting firm”.

The article makes me wonder, because I see and know so many woman who are excelling in the job force. The article goes on to say:

“Women live an average of 22 years after retirement versus 19 years for men and medical costs are rising, so women will need to save 2% more than men every year over 30 years to maintain their standard of living upon retirement, the study found.”

The study states some of the factors that women are not saving have to do with their inherent characteristics. Typically, women are more conservative when it comes to money, which causes them to start investing at a later age than men do. Also women tend to in be and out of the work force to have babies and raise our children.

Here are more factors the states why women tend save less than their counterparts for retirement…

• Women tend to be a little more risk averse.
• Tend to fear the loss of money more.
• Women do not contribute at a high enough level to take advantage of the company match
• On average, women earned significantly less than men($84,000 for men compared to 57,000 for women)