Women Should Save 12%
Sometimes it’s nice to get advice that’s unambiguous. If you’re in that mood, try reading Women should save 12% for long lives, retirement, an article from the Detroit Free Press. While the headline only gives part of the story covered in the article, it helps people set a base level to start retirement planning.
While the rule of thumb is that you should save 10% of your gross income each year, Black says that women should save 12%. This is to account for their longer life expectancy and the loss of wages many women face when they raise their children.
What else is covered? Some basic rules for life insurance, and long-term disability coverage. For more information, read the entire article here.
