Women need to Start Saving Early
It is no secret that women should invest even more money than men because
- Women are more likely to transistion in and out of the workplace more often, which means they may not have a constant income to help them invest for retirement on a consistent basis; and
- Women live longer than men. Research shows us that, in general, women run a higher resik of have less income in retirement than men. An important aspect of overcoming the risks of not having a sufficient retirement income is to start saving as soon as possible.
The retirement plans can help you put more money towards your future. The money you put into the retirement plan and any investment earning are not subject to federal and state (not all states) income taxes until it is withdrawn from you retirement plan account.
But this plan only works when you defer a portion of your salary into your retirement plan account. If you defere more early, your retirement account has more potential to grow in value. It is know as compunding.
Consider investing more at the early will give your money the opportunity and time to grow.