This means that women need to design a plan that will compensate for a longer life span, and they might also need to be aware of their spouses' financial affairs since they will more than likely be placed in control of their husbands' matters. Women spend fewer years in the work force. Studies show that half of all women take time off to raise children. The average is about 11.5 years. Obviously, less years worked means less earnings and less savings opportunities.
Women are less likely to have company-sponsored retirement plans.
The result is that some women need to find an alternative to save for retirement. Women earn less money. A very unfortunate statistic, but women earn about 76 cents for every dollar that a man earns. To reach the same investment potential as a man in these cases, either a stricter savings plan or a more aggressive investment approach must be taken. Women tend to save less.