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On Mother’s Day, we honor mothers for their nurturing care and selfless nature. But if you’re a mother, these qualities could work against your retirement savings goal.
Why? Women drop out of the workforce for an average of 12 years to care for young children or aging parents.1 This gap in time can result in women saving less money toward retirement.
Mind the Gap
In the end, it’s not how many years or how much you save but rather whether you achieve your retirement savings goal. For starters, ask yourself these three questions:
When would I like to retire?
If you plan to retire later in life or take up a second career, you’ll have more years to save for retirement and possibly some extra income while you’re enjoying it.
What will I do once I retire?
Different lifestyles carry different price tags. A woman who wants to stay close to home and babysit the grandkids will likely spend less in retirement than one with a “bucket list” of travel destinations.
How long might my retirement last?
In general, women live longer than men. By age 85, women outnumber men by approximately 2 to 1.2 The longer you spend in retirement, the longer your savings will need to last.
Life can be expensive – but don’t put your retirement on the back burner. Your financial advisor can help you develop a solid savings strategy tailored to your retirement goals.
1 “Women and the Workforce: Challenges and Opportunities Facing Women as They Age,” Older Women’s League, 2012.
2 U.S. Census Bureau, http://www.infoplease.com/spot/womencensus1.html.
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