Are You Saving Like a Sissy and Do You Have a Plan?

Girls, are you hoping someone else will take care of you? Is that why you’re not saving?  Don’t count on anyone else – you never know what will happen. When it comes to saving, women get a bad name; however, it doesn’t look like anyone in the country is saving anything! The United States personal savings rate is a whopping 2.6%! Compare that to the Europeans who save an average 7-8% with many countries having a 10% savings rate over the past 30 years. Ugh! We’re definitely a consumer driven economy, meaning there’s a ton of stuff available to buy and we buy it. 

Retirement savings looks absolutely dismal. Take a look at the average retirement savings rates for different age groups.  Where do you fit in? 

25-32 years old                                 $37,000 (26% of women have less than $5,000)

33-44 years old                                 $157,000

45-54 years old                                 $219,000

Keep in mind that if you’re 64 years old with $291,000 saved, that means you can only live on $12,000 a year if you want the account to last through a typical retirement. Can you live on $12,000 a year? I don’t know too many people who can.  Even if you add $2,000 a month of social security, that’s only $36,000 a year. What’s the message? We all need to save more!

Solutions!

Read more in my book, "A Woman's Place is in The Market"!  It's available for sale at Amazon: https://www.amazon.com/Womans-Place-Market-Caren-Laverty/dp/1945091754/ref=sr_1_1?ie=UTF8&qid=1528668089&sr=8-1&keywords=caren+laverty or at Barnes & Nobles: https://www.barnesandnoble.com/w/a-womans-place-is-in-the-market-caren-laverty/1128709743?ean=9781945091759