Studies show that men do most of the savings, yet women need to save more than men for a number of reasons.
* The average woman spends 15% of her career out of the work force caring for her children and elderly parents
* For every year out of the work force, a woman has to work 5 years to recover the lost income, pension coverage and career promotion
* Women retirees receive about half the average pension benefits that men receive
* Fifty percent of working women are in relatively low paying jobs with no pensions
* One year past divorce the average mid-life woman remains single and earns an average income of $11,300
* Woman change jobs more frequently than men
* At some point in their lives 9 out of 10 women will be solely responsible for their finances
* Women live longer than men
* Elderly women are 3 times as likely to widowed than elderly men
* Health care needs of women are greater than men
* In 1999 women earned 76% of what men earned
Keep these statistics in mind when you decide to invest for your own future. Keeping separate retirement accounts isn't only a good idea - it may very well be a life saver.
All statistics taken from the Woman's Institute For A Secure Retirement and National Center For Woman's Retirement Research
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