Even though women tend to save for retirement at higher rates than men, they usually don't land in better shape. Women live longer than men and they will need more money. So now's the best time for women to ramp up the savings, women! Wealth Advisor Rebecca Walser says a taxable ROTH account may be a good idea. “We have all been taught to invest in pre-tax funds like an IRA of 401(k). But with taxes in a long-time low these days, maybe you should convert some of those funds to a ROTH account which should give you a better return.”
The saddest thing about women having less income upon retirement is that they need more than men. Women live longer than men and will need to cover expenses including health issues. A good idea for both genders is to invest in Long Term Care. Women should invest in a 5-7 year plan and men a 3 year plan. Also, put off taking your social security as long as you can. That will add thousands to your nest egg when you most need it.”
It’s never too late to save!
Picture idea --- 40-ish couple with money or checkbook.