A new survey by PNC Financial Services Group discovered members of Generation X are working harder to avert a retirement crisis. Meanwhile, many baby boomers in their 50s and 60s are falling behind. Although it’s not a competition to see who retires with the most cash, it is important to get motivated so you don’t outlive your retirement money.
Actuarial data shows women live longer than men, but many women lag behind in retirement savings. Astute retirement planning gives modern women the edge whether they are single, married, work outside the home or manage a household. According to an article by cnbc.com, women in the United States save less money for retirement compared to their male peers.
When it comes to most retirement accounts, employed people exclusively qualify to make contributions. For married people who are not currently employed, the best option for retirement planning is a spousal IRA. According to an article by Market Watch, the official name of the spousal IRA is the Kay Bailey Hutchison IRA, but most people continue to call it a spousal IRA for short.
Most people realize the benefits of investing at an early age, but don’t always have the means to do so. Fortunately, you can make it up with increased contributions later in life. When it comes to retirement planning, it’s important to have a financial adviser on your side to nudge and encourage you with better financial habits.