Experts alert women to retirement disadvantages - WAFB 9 News Baton Rouge, Louisiana News, Weather, Sports

Experts alert women to retirement disadvantages

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BATON ROUGE, LA (WAFB) - Over the next two decades, nearly 40 million women will reach retirement age, but they won't necessarily have enough money to quit working.

Women are at a retirement disadvantage because they're more likely than men to take time off to care for loved ones, interrupting contributions to social security and 401-Ks.

Women also live longer, meaning their savings have to last longer. Experts say start saving now.

The earlier you start putting away money for retirement, the more time compounding has to work in your favor.

Focus on benefits. Industries that pay the richest retirement benefits include financial services and healthcare.

Also, understand the spousal benefits of social security. Some women are better off drawing from their husband's social security benefits instead of their own.

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