Women and Retirement Savings

Do you know?

Of the 59 million wage and salaried women working in the United States as of June 2000, less than half — just 47 percent — participate in a pension plan.
Women’s employment patterns are different. They are more likely to work in part-time jobs that don’t qualify for pension coverage, or to work fewer years in pension-covered employment because of interruptions in their careers to take care of family members.
On average, a female retiring at age 55 can expect to live another 27 years, four years longer than a male retiring at the same age, and needs to save for these extra years.
Studies indicate that women tend to invest more conservatively than men, receiving lower rates of return from their investment overtime, thus reducing the amount of savings they have at retirement.

Here are eight questions to help you think about retirement and take charge of your financial future:

Once you’ve answered these questions, you’re on the road to learning more about financial freedom.

Do you work for an employer that offers a pension plan?
Have you worked at the job long enough to earn a pension?
Do you keep copies of the documents that define the provisions of your pension plan?
What happens to your pension if you change jobs?
Do you know how you can save for retirement even if you don’t belong to an employer-sponsored pension plan?
Are you tracking your Social Security earnings?
Are you entitled to a portion of your spouse pension benefit if you and your husband divorce?
Are you aware of the rules that govern your pension plan an the pension plan of your spouse if either of you dies?

Editorial provided by U.S. Department of Labor, Employee Benefits Security Administration.

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