Save Now, Girls!

I came cross an article on SmartMoney.com yesterday titled “The Girl’s Guide to Retirement? and there are some interesting numbers in the article that caught my attention.

Everybody knows women tend to live longer than men (on average five years longer), yet when it comes to retirement expectations, women usually underestimate the amount they need in order to maintain their pre-retirement life style. For example, according to the article, a recent survey found that nearly 37% of women believe they can live comfortably with only $250K for retirement. On contrast, nearly a quarter of men surveyed said they need at least $500K to a million. What’s more shocking is that 42% of women in the survey said they have less then $10K in all their retirement saving accounts (401K and IRA)!

What to do?

Buy fewer shoes and save more for retirement!