Saving for retirement is especially important for women.  We live longer than men and our employment history is often filled with gaps (from raising children) that are likely to result in lower pay scale than men’s.  It can seem daunting, but there is hope!

This article gives us some tips on where to start to ensure we are ready for retirement when the time comes!

• Start early to gain the maximum benefits.  Although it is hard to think about retirement when you are just starting out as an adult, if you start saving money in your early 20's you will have more money to grow over the years.  Not only do you have more years to invest in your retirement, your money has more time to earn interest; when it comes to saving money as a young adult, time is definitely on your side.
  

• Put yourself first.  This is extremely difficult for most women, especially those with children.  It is imperative to learn how to put yourself first at least some of the time.  As mothers and partners women seem hardwired to put themselves last, however doing this is not helping either yourself or your grown children who may one day have to take care of you.  This is not to say your children should suffer or be neglected, far from it, rather you have to learn how to say no when it is appropriate.  Retirement savings cannot come before providing your dependent children with the necessities to live comfortably, however they also do not need everything under the sun handed to them. Likewise, adult children may have to learn the hard way and not rely on mom and dad for financial support unless they are themselves experiencing a true financial hardship. This advice likely goes against our natural maternal instincts however at some point you have to learn where to draw the line.  The same can be said for sacrifices women make for their partners, although it is necessary to compromise in a relationship, you should not and cannot afford to be the only one making such sacrifices. 
  

• Take advantage of employer retirement programs.  Unlike years ago, most women at some point in their lives will hold jobs outside of the home.  We tend to work fewer years than men and statistically live longer, making it important to get the most benefits from our time in the workforce.  If your employer offers a retirement program you can ill afford to not participate, especially when the employer matches your contribution. 
  

• Know that it is never too late to start.  Granted the earlier you begin the longer you have to save, however if you are 40 or over you can still save considerable money for your retirement.  If you haven't already started saving, make it a point to sit down and figure out where you stand financially and what you will need once your retire.  You can then begin to save money today that will ensure your financial security in the years to come.

Saving money for the future is something that each of us have to make a priority in our lives.  It often requires a balancing act that can seem somewhat daunting at first, however your efforts to not only support yourself and your family now as well as in the future are well worth the energy it requires to achieve these goals.

Trisha Wagner is a freelance writer for DepositAccounts.com, where you can compare rates of checking accounts from dozens of banks in one place. Trisha writes regularly on the topics of personal finance and savings accounts.

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