Tuesday, March 9, 2010

Weekly Savings Tip: March 8, 2010

Happy International Women's Day

Today is International Women's Day, an annual celebration that highlights economic, political and social achievements of women. 2009 marked the first year that half of all the U.S. workers are women. Nearly four in ten mothers are primary breadwinners and bring home a majority of the family's income. Additionally, women are more likely than men to graduate from college, although they still typically earn less than men.

Women are also more likely than men to care for children or elderly or disabled family members. These periods of caretaking can provide gaps in a woman's career which can have a huge impact on the amount of retirement funds collected over time. A 2008 report showed that elderly women over 75 are far more likely to be poor than elderly men.

It's important for all women to think about their future and retirement. There are ways to begin now, such as investing in a tax-deferred retirement savings plan at work. These plans can help accumulate funds over time. Other options may include a IRA, such as a Roth IRA which is funded by after-tax contributions. If invested early enough, these accounts can continue to accumulate interest during a gap in a woman's career, whether for caretaking purposes or any other reason.

For more information for women, check out our Section for Women that features articles, calculators, and frequently asked questions. Visit www.feedthepig.org for more money-saving tips.

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