Women less prepared for retirement

By: Associated Press
By: Associated Press

July 9, 2008

NEW YORK (AP) -- A new study finds women invest more conservatively than men, start saving later and are more likely to be in and out of the work force for family reasons.

And that doesn't bode well for retirement.

The study by Hewitt Associates, a human resources consulting firm, found women live an average of 22 years after retirement versus 19 years for men. And it says with medical costs rising, women will need to save 2 percent more than men every year over 30 years to maintain their standard of living upon retirement.

A study author says "Women tend to be a little more risk averse, more fearful of losing money." And Alison Borland says women's saving habits haven't improved significantly over the past several years.

The study looked at projected retirement levels of nearly 2 million current workers of varying ages at 72 large U.S. companies.

(Copyright 2008 Associated Press. All rights reserved.)

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