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April 2008 Women and Retirement Planning
Begin Saving Now |
by Judy Cziprian, CSA |
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Women face special challenges when planning for
retirement. Because their careers are often interrupted to care for
children or elderly parents, women may spend less time in the workforce
and earn less money than men in the same age group. As a result, their
retirement plan balances, Social Security benefits, and pension benefits
are often lower. In addition to earning less, women generally live longer
than men, and they face having to stretch limited retirement savings and
benefits over many years.
To meet these financial challenges, you'll need to make retirement planning a priority. To maximize your chances of achieving a financially secure retirement, start with a realistic assessment of how much you'll need to save. If the figure is substantial, don't be discouraged - the most important thing is to begin saving now. Although it's never too late to save for retirement, the sooner you start, the more time your investments have to grow. The chart below shows how just $2,000 invested annually at a 6% rate of return might grow over time:
This is a hypothetical example, and does not reflect the performance of any specific investment. Results assume reinvestment of all earnings and no tax. Save as much as you can - you have many options. Disclaimer: click here to read more |
Judy Cziprian
Financial Advisor Certified Senior Advisor Ameriprise Financial Services, Inc. |
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