From Around the Web: Social Security Chief Encourages Women to Start Saving Early

Women Leaders Series 3 of 4

The third of our “Women Leaders” posts introduces NPR’s story on why women need to save more for retirement than men.

We hear it all the time: save money for your retirement. Sure, saving money sounds easy enough, but what about that new pair of Diane von Furstenberg-designed Google Glasses you’ve heard so much about? Don’t worry; you’ll put some money aside next paycheck. Sound familiar?

Acting Social Security Commissioner Caroline Colvin spoke to National Public Radio (NPR) about the financial responsibilities of women and is encouraging females to start saving money for retirement early in the story, “Social Security Chief: Women Live Longer, So They Should Save Early.”  NPR’s piece states that the Social Security Administration distributes retirement benefits to nearly 60 million Americans; nearly 60 percent of these beneficiaries are women.

According to NPR, “Colvin points out two realities she hopes women consider when planning for retirement. First, women make less money than men on average; when they stop working, their monthly Social Security checks are smaller, too. Also, women tend to live longer than men.”

Colvin elaborates that one reason women are likely to have lower lifetime benefits is because they often have lower lifetime earnings than men. Women tend to take time out of the workforce to care for family members and, as Colvin puts it, “we still have the issues of gender inequality [in wages].”

Being the lead of the Social Security Administration, Colvin wants to remind people that Social Security was not created to be the primary source of retirement. She focuses on encouraging women at all ages to save.

To hear the full interview and find tips on how to save your money, visit NPR’s site here.

We want to hear from you:
Is it ever too soon to be preparing for retirement?

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