We haven’t talked about retirement in awhile ladies so here it is again because I feel like I need to remind you (and myself) that we have to start saving for our future! No matter how much or how little you have to save, something is better than nothing!
I have some retirement statistics on the build wealth section of my website and I thought it was important to revisit those stats again today. Did you know…..
- More women filed for bankruptcy in 2003 than graduated from college.
- Since 1981, the number of women filing petitions for bankruptcy has increased 662%.
- 38% of women 30-55 years old are worried they will live at or near the poverty level because they cannot adequately save for retirement.
- 54% of women have little to no money left to save for retirement once they pay their bills
- Americans save somewhere around 1% of our wages – less than any other industrialized nation
- On average, we live seven years longer than our husbands and over three quarters of all women are widowed at an average age of 56. Women comprise a horrifying 87% of the impoverished elderly.
- One survey from the National Center for Women and Retirement showed that of those women who say they feel in control of their lives, 56% of them saved and invested monthly. Of the 42% who said they felt out of control, only 17% made saving and investing for retirement a priority. There’s a direct correlation between how well a woman takes care of herself financially and how well she feels about herself.
- 61% of all part-time workers are women with little or no access to 401K plans.
Holy crap!! What!?!?!?
These are scary stats ladies! Especially this one: 54% of women have little to no money left to save for retirement once they pay their bills.
This makes me sad and scared for the future of so many women! We HAVE to get better at this ladies. We just have to, no excuses!
On the Smart Girl’s Guide to Life & Money podcast this week my guest is Todd Tresidder from the Financial Mentor website. Todd and I talk about 2 common retirement myths that can be dangerous to getting ahead financially. And what we talk about may surprise you!
- The number one myth is “retirement” itself. Whoever came up with the insane idea that you should work like a dog scrimping and saving for 40 years so you can do nothing of substance for your remaining 30 years. Nonsense! There are much smarter models that allow you to focus on creating a fulfilling life earlier rather than later.
- The “magic number” is a myth too. Whoever came up with the idea that you could punch a bunch of assumptions that are impossible to make about the future into your favorite retirement calculator and it will somehow spit out a halfway accurate number about how much money you need to retire? It’s pure nonsense. It is mathematically impossible yet retirement plans are built around that nonsense every day. There is a smarter approach that is common sense once you think about it.
That’s right ladies! The common things you hear from pretty much everyone when it comes to retirement may not be the best advice to take. If you want to hear Todd’s take on this (and mine) you can listen to our lively conversation by downloading the Conventional Retirement Planning May Be Hazardous to Your Wealth podcast on webtalkradio.net or listen in iTunes.
After your done listening, come back and leave me a comment and let me know what you think!