You’ve Barely Started Saving for Retirement: Now What?

You’ve Barely Started Saving for Retirement: Now What?

It’s tax season — and while some of you may be internally cringing at the mention — it’s the perfect time to stash a bit more into your retirement account.

You can make contributions to your 2016 IRA account until the tax deadline of April 18 — and often those contributions are tax-deductible.

Women now live longer than men, so they need more money for retirement. At the same time, they’re more likely to opt out of the workforce or have interruptions to their careers, meaning they earn less over their lifetimes. So it’s no surprise that women often fall behind on saving for retirement.

“They need more money, but they’re in a situation where they’ll save less,” says Cindy Hounsell, president of the Women’s Institute For A Secure Retirement, a nonprofit focusing on the long-term financial health of women. If you’ve fallen behind on savings for retirement — or just need to get started — here’s how to make up for lost time:

 

Full article here.

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