Take advantage of savings catch-ups
Women are more likely to take time off from the workforce to raise children, so they often have less in totals savings compared to men. If you don’t have enough savings at this point in your life, it’s time to become more focused in your retirement planning efforts.
First figure out how much retirement is likely to cost you. You can do this with the help of a financial planner or, if you can’t afford one, a free retirement calculator online.
If you are 50 or older you are allowed to make extra contributions to 401(k), 403(b) and IRA plans. Women are especially encourage to take full advantage of these added tax-advantaged savings limits.
