A new study by MetLife shows that men are doing a better job planning for retirement than women. They’re paying attention to how much they will need and socking it away. Sadly, women aren’t doing as well. Here’s the US News story that does a great job outlining the issues around this.
What actions can you take right now? Let’s recall advice from our friend Barbara Stanny, author of “Secrets of Six-Figure Women” and other books on women and money:
1. Every day, read something about money, even if it’s just for a minute. It could be perusing headlines in business section, scanning Money magazine instead of People in the grocery store, or reading one paragraph from a financial book before you go to sleep. “It’s amazing how much you can pick up by osmosis,” Stanny says.
2. Every week, have a conversation about money, preferably with someone who knows more than you. If you’re wondering how to start, just ask, “Can I take you to lunch and pick your brain? It’s amazing how much people want to help you,” Stanny says. “We’ve been doing this for generations about raising babies, making pies … we need to start doing this over kitchen tables and back fences.”
3. Every month, save money. You can set up automatic transfers to a savings account for as little as $5. Stanny recalls a conversation with an editor who wasn’t a high earner, but who saved her change in a bowl every night. In two years, she was able to open an investment account.