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Women & Retirement: Money Saving Tips for Women Women face particular concerns when it comes to retirement savings. Secure your financial future by reviewing these money savings tips for women. Women & retirement: Money saving tips Bank of America Starting from strength Women have made remarkable strides in the workplace over the past few decades. Currently, more women graduate from college than men; women also comprise more than half of the professional and technical workplace. The retirement savings gap However, women still lag in one crucial area: retirement savings. On average, women have less saved in their retirement accounts than men. Because women typically live longer than men, this can pose a problem. One way for women to make sure they don't fall behind is to make contributing to retirement savings plans a priority. Why women's savings lag There are many reasons why women may have lower retirement savings balances than men. Women continue to earn less than men when working in comparable jobs. Women are more likely to work part-time or interrupt their careers to care for family members. Women also are more likely to let other goals, such as paying for college, take priority over retirement savings. Investing appropriately While a conservative investment strategy minimizes risk, it can backfire if your savings rate doesn't at least keep pace with inflation. Strive for an investment strategy that makes sense for your goals, time horizon and risk tolerance. Keep longevity in mind Women's retirement savings must be able to handle extra years of expenses and health care costs. When making retirement savings projections, take your potentially longer lifespan into account. Give your savings time to grow One way for women to make sure they don't fall behind is to prioritize contributing to workplace savings plans. Setting up an automatic transfer from your banking account to your 401(k) plan is a great way to make saving second nature. Women also should start saving as soon as possible - the earlier you begin saving, the more time your nest egg has to grow. Explore other options If you don't have access to a workplace retirement savings account, there are other savings options. If you don't work outside the home but are married to someone who does, you may be able to contribute to a spousal IRA. Or if you're self-employed, consider a solo 401(k) or SEP-IRA. Visit to learn more. Identify special savings opportunities To reach your savings goals, look out for unexpected savings opportunities. If you get a bonus, tax refund or inheritance, contribute a portion to your retirement savings. These "bonus" savings can help accelerate your overall savings rate. Keep asking questions Women tend to be less confident than men about their financial skills. This isn't necessarily a bad thing; having a measured sense of your abilities may mean you're less likely to make rash or uninformed decisions. However, don't use that discomfort to detach. Remember, you gain confidence by keeping the conversation going and asking for answers that help you gain clarity. Empower yourself by learning more about women and retirement. Looking for some expert advice as you take control of your financial future? Click here to arrange a meeting with a Merrill Edge Financial Solutions Advisor. women and retirement, retirement for women, saving tips for women, money saving tips for women

Women and retirement: What you need to know