Plan Like a Woman


For decades, financial advice has been dispensed as a one-size-fits-all proposition. Since it all boiled down to dollars and cents—profit and loss—what did it matter whether you were male or female?

Now, a raft of new research suggests that there’s a gender gap in most financial plans—especially women’s, as I describe in a feature for Money magazine this month.

Women earn less than men do, as a result they typically save less—and women’s retirement account balances reflect it. According to MassMutual, women’s nest egg are two-thirds the size of men’s.

Plus, women have more variable work patterns: 66% of women take time out from their careers to care for kids and family, according to the Center for Work Life Policy—and lose out on salary gains and the chance to save.

Yet women live longer than men, so their money has to last longer.

What can you do? Love your life—but plan for it. Even small steps can close the gender gap: Negotiate for a little more pay; inch up your savings; cut down investment fees.

Most important, being conscious that your financial needs are unique will help you build a better plan.

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