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Women Retiring Poor

Submitted by Nordia Epps on August 13, 2008 - 9:11pm. News | Consumer News

In the middle of some tough economic times comes concerning news for women.

A new study finds women are retiring poor.

A number of factors combine to get the blame.

But even with prices rising, financial advisers insist women can turn things around.

Joy Clemons wears many hats.

"Wife, mother, I coach soccer," she explains.

And financial analyst at Ameriprise Financial.

Still, Clemons says she's not saving as much as she'd like.

Clemons, "My husband and I both put in our plans and that kind of stuff but just regular savings I'd like to do more than I do. You've always got the car payments and all of that stuff."

From the classroom to the exam room, women make up a powerful part of today's workforce.

But a new study finds they're not as prepared to retire as men are...and the gap is widening.

Alan Johnston, Financial Adviser, "Certainly with the unknown nature of the social security system, there could be some dire straits out there ahead."

Financial Adviser Alan Johnston says it's no surprise.

Only around 30 percent of his clients are single women.

Johnston, "They're trying to make ends meet. I know many individuals who have children of their own and they're trying to pay the grocery bill and take care of the gas pump and everything else."

Plus women still tend to earn less, live longer, and invest more conservatively.

Financial advisers suggest women consider working even just a couple of years past retirement, seek advice and just start saving.

Clemons, "Start as young as you can. Save as much as you can and I realize lots of people it's paycheck to paycheck but if you can just find those little things to cut out that you don't need to have and save it can make a huge difference."

Financial advisers suggest saving 15 to 20 percent of your income for future retirement.

First, make a budget, eliminate credit card debt and build up a cash reserve of at least a thousand dollars.