A Surprise About Gender And Saving Money

(CBS)
I wouldn’t say I was surprised to learn that according to a recent report, women are less prepared than men for retirement. We know women live longer than men (about three years on average), that women still don’t make as much as men and that women – more than men – are moving in and out of the workforce to take care of children.
But what was surprising is that women start saving later – two to four years later than men – even when the wage gap between men and women after high school and college is not as dramatic as it is in later years. Women of America – this is a big mistake. Just consider the numbers.
If you were to invest $1,000 a year (that’s just $20 a week) from age 25 to 35, you could turn your $10,000 investment into $168,000 by the time you are 65. But if you wait until you’re 35 and save $1,000 a year from 35 to 65, you’d likely end up with $125,000 – $43,000 less than what you would have had if you started saving earlier.


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