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Manage your money like a woman

Women typically earn less yet live longer than men, which suggests they need a different financial plan. Here are 13 strategies to ensure a comfortable retirement

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Savings: Set loftier goals
Savings: Set loftier goals
Earning less takes a heavy toll over the course of a career: Although women contribute to their 401(k) at nearly the same rate as men, they end up with nest eggs that are a third smaller, according to a study by MassMutual.

The only sure remedy is to pump up your savings rate. The standard advice is to save 10% of your income, but women should aim for 12.5%, says Miami financial adviser Cathy Pareto.

To make the bite less painful, boost your contributions in small, steady increments and time the step-ups to your annual raise.

NEXT: Investing: Make a bigger commitment
Last updated November 05 2010: 11:13 AM ET
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