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

2 of 13
BACKNEXT
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
How to invest like a man Men tend to earn more than women but face great risk of layoffs. Here are 13 strategies to ensure a comfortable retirement More
What to do with $10,000 nowBuy fine art. Bribe your boomerang kid. Take a flier. 11 ways to spend your dough. More
25 Best Places to Retire Your post-work years are a time to improve your golf game, take up a new hobby, or just enjoy a well-deserved break. In these great college towns, you can expand your intellectual horizons too. More
Overnight Avg Rate Latest Change Last Week
30 yr fixed3.95%3.94%
15 yr fixed3.05%3.02%
5/1 ARM3.34%3.48%
30 yr refi4.02%4.01%
15 yr refi3.13%3.10%
Rate data provided
by Bankrate.com
View rates in your area
 
Find personalized rates:
Special Offer