According to Sallie Krawcheck, most women would rather discuss their own death than money. This is just one of the reasons, according to her, that most women aren’t ready for retirement. She says society’s infantilization of women when it comes to money isn’t helping them take control of their retirement funds.
Women tend to retire with 33% less money than men. One of the main challenges is that many women don’t manage their money. Their husbands may be in charge of the finances, leaving women in the dark when it comes to the subject of retirement funding. Historically, women are taught to save money and men are taught to invest money. This leaves women far behind in the realm of retirement savings. The only cure is education.
It’s not too late for the baby boomers in their 50s and 60s. Now is a great time to be sure that all retirement savings contributions are maxed out. This helps reduce tax liability, further increasing the ability to save. Those over the age of 55 can add $1,000 to the $5,500 IRA contribution maximums and should do so. Women who are unsure of how investments are handled in their household should request access to those accounts right away so they can stay in the loop and have a positive effect on their quality of life in their later years.