{"id":7201,"date":"2018-12-09T09:10:37","date_gmt":"2018-12-09T13:10:37","guid":{"rendered":"https:\/\/kerryhannon.com\/?p=7201"},"modified":"2018-12-09T09:12:54","modified_gmt":"2018-12-09T13:12:54","slug":"why-young-women-cant-ignore-saving-for-retirement","status":"publish","type":"post","link":"https:\/\/kerryhannon.com\/?p=7201","title":{"rendered":"Why Young Women Can&#8217;t Ignore Saving for Retirement"},"content":{"rendered":"<header class=\"css-13ldbhf e345g291\"><\/header>\n<section class=\"css-1572rug\">\n<div class=\"css-u5vfum StoryBodyCompanionColumn\">\n<div class=\"css-4w7y5l\">\n<p class=\"css-1ygdjhk e2kc3sl0\"><a href=\"https:\/\/kerryhannon.com\/?attachment_id=6898\" rel=\"attachment wp-att-6898\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" data-attachment-id=\"6898\" data-permalink=\"https:\/\/kerryhannon.com\/?attachment_id=6898\" data-orig-file=\"https:\/\/i0.wp.com\/kerryhannon.com\/wp-content\/uploads\/2018\/05\/download.png?fit=240%2C210&amp;ssl=1\" data-orig-size=\"240,210\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"download\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/kerryhannon.com\/wp-content\/uploads\/2018\/05\/download.png?fit=240%2C210&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/kerryhannon.com\/wp-content\/uploads\/2018\/05\/download.png?fit=240%2C210&amp;ssl=1\" class=\"alignleft wp-image-6898 size-full\" src=\"https:\/\/i0.wp.com\/kerryhannon.com\/wp-content\/uploads\/2018\/05\/download.png?resize=240%2C210&#038;ssl=1\" alt=\"\" width=\"240\" height=\"210\" \/><\/a>For Lindsay Corner, 25, saving for retirement has a greater urgency than for many of her peers.<\/p>\n<p class=\"css-1ygdjhk e2kc3sl0\">\u201cNone of my girlfriends talk about it, but I feel fairly confident about managing money and finances,\u201d Ms. Corner said. \u201cI learned about it from my parents and, in college, I studied accounting and finance and took a personal finance class.\u201d<\/p>\n<figure id=\"attachment_7210\" aria-describedby=\"caption-attachment-7210\" style=\"width: 159px\" class=\"wp-caption alignright\"><a href=\"https:\/\/kerryhannon.com\/?attachment_id=7210\" rel=\"attachment wp-att-7210\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" data-attachment-id=\"7210\" data-permalink=\"https:\/\/kerryhannon.com\/?attachment_id=7210\" data-orig-file=\"https:\/\/i0.wp.com\/kerryhannon.com\/wp-content\/uploads\/2018\/12\/lindsay-1.jpeg?fit=159%2C159&amp;ssl=1\" data-orig-size=\"159,159\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"lindsay\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/kerryhannon.com\/wp-content\/uploads\/2018\/12\/lindsay-1.jpeg?fit=159%2C159&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/kerryhannon.com\/wp-content\/uploads\/2018\/12\/lindsay-1.jpeg?fit=159%2C159&amp;ssl=1\" class=\"wp-image-7210 size-full\" src=\"https:\/\/i0.wp.com\/kerryhannon.com\/wp-content\/uploads\/2018\/12\/lindsay-1.jpeg?resize=159%2C159&#038;ssl=1\" alt=\"\" width=\"159\" height=\"159\" srcset=\"https:\/\/i0.wp.com\/kerryhannon.com\/wp-content\/uploads\/2018\/12\/lindsay-1.jpeg?w=159&amp;ssl=1 159w, https:\/\/i0.wp.com\/kerryhannon.com\/wp-content\/uploads\/2018\/12\/lindsay-1.jpeg?resize=150%2C150&amp;ssl=1 150w\" sizes=\"auto, (max-width: 159px) 100vw, 159px\" \/><\/a><figcaption id=\"caption-attachment-7210\" class=\"wp-caption-text\">Lindsay Corner<\/figcaption><\/figure>\n<p class=\"css-1ygdjhk e2kc3sl0\">Ms. Corner, a senior tax analyst from Durham, N.C., began setting aside funds as soon as she graduated in the spring of 2015. \u201cMy first employer offered a 401(k) retirement plan and matched 3 percent of my contribution. I contributed 15 percent of my salary,\u201d she said.<\/p>\n<\/div>\n<aside class=\"css-1m2ozyi\"><\/aside>\n<\/div>\n<div class=\"css-1wtls4v\">\n<div class=\"medium css-17w5iin\" data-id=\"100000006245680\" data-slug=\"the-new-retirement\"><span style=\"font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen-Sans, Ubuntu, Cantarell, 'Helvetica Neue', sans-serif;\">She has since increased that amount to 18 percent. \u201cRetirement does not seem like too far away to be saving for,\u201d Ms. Corner said. \u201cI can see why people my age might have that perception, but for me that wasn\u2019t the case. Taking these classes in school really opened my eyes up to it. We would see examples: If you save this much now, this is how much it\u2019s going to be worth later, and you would be, \u2018Oh, my gosh, I would be crazy not to start to save early.\u2019\u201d<\/span><\/div>\n<\/div>\n<div><\/div>\n<div class=\"css-u5vfum StoryBodyCompanionColumn\"><span style=\"font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen-Sans, Ubuntu, Cantarell, 'Helvetica Neue', sans-serif;\">Saving is a habit for Ms. Corner. \u201cI don\u2019t see the money that goes into my 401(k) account, so it\u2019s out of sight, out of mind,\u201d she said. \u201cI don\u2019t even miss it.\u201d<\/span><\/div>\n<div><\/div>\n<div><strong>Read on <a href=\"https:\/\/www.nytimes.com\/2018\/12\/04\/business\/retirement\/young-women-retirement-savings.html\">The New York Times<\/a><\/strong><\/div>\n<div class=\"css-u5vfum StoryBodyCompanionColumn\">\n<div class=\"css-4w7y5l\">\n<p class=\"css-1ygdjhk e2kc3sl0\">The fact is, unlike Ms. Corner, most younger women don\u2019t discuss financial matters. According to a recent Merrill Lynch\/Age Wave\u00a0<a class=\"css-1g7m0tk\" title=\"\" href=\"http:\/\/agewave.com\/what-we-do\/landmark-research-and-consulting\/research-studies\/women-and-financial-wellness\/\" target=\"_blank\" rel=\"noopener noreferrer\">study,<\/a>\u00a0\u201cWomen and Financial Wellness: Beyond the Bottom Line,\u201d among women of all ages there\u2019s a social taboo against talking about money.<\/p>\n<figure id=\"attachment_7160\" aria-describedby=\"caption-attachment-7160\" style=\"width: 200px\" class=\"wp-caption alignleft\"><a href=\"https:\/\/kerryhannon.com\/?attachment_id=7160\" rel=\"attachment wp-att-7160\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" data-attachment-id=\"7160\" data-permalink=\"https:\/\/kerryhannon.com\/?attachment_id=7160\" data-orig-file=\"https:\/\/i0.wp.com\/kerryhannon.com\/wp-content\/uploads\/2018\/11\/MaddyDychtwald-200x300.jpg?fit=200%2C300&amp;ssl=1\" data-orig-size=\"200,300\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"MaddyDychtwald\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Maddy Dychtwald&lt;\/p&gt;\n\" data-medium-file=\"https:\/\/i0.wp.com\/kerryhannon.com\/wp-content\/uploads\/2018\/11\/MaddyDychtwald-200x300.jpg?fit=200%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/kerryhannon.com\/wp-content\/uploads\/2018\/11\/MaddyDychtwald-200x300.jpg?fit=200%2C300&amp;ssl=1\" class=\"wp-image-7160 size-full\" src=\"https:\/\/i0.wp.com\/kerryhannon.com\/wp-content\/uploads\/2018\/11\/MaddyDychtwald-200x300.jpg?resize=200%2C300&#038;ssl=1\" alt=\"\" width=\"200\" height=\"300\" \/><\/a><figcaption id=\"caption-attachment-7160\" class=\"wp-caption-text\">Maddy Dychtwald<\/figcaption><\/figure>\n<p class=\"css-1ygdjhk e2kc3sl0\">\u201cSixty-one percent of women would rather talk about their own death than money,\u201d said Maddy Dychtwald, co-founder of Age Wave. \u201cAnd only 46 percent of millennial women say they are confident in investing.\u201d<\/p>\n<p class=\"css-1ygdjhk e2kc3sl0\">That\u2019s a problem when you consider the future for many women. Women typically live longer than men \u2014 81 years versus 76 years \u2014 according to statistics from the United States Department of Health and Human Services. By age 85, women outnumber men by 2 to 1 and a majority of centenarians are women, according to the Merrill Lynch\/Age Wave study. This means that women are more likely to be on their own financially as they age.<\/p>\n<p class=\"css-1ygdjhk e2kc3sl0\">\u201cLiving longer means you need more money for the extra years of living and health care,\u201d said Cindy Hounsell, the founder and president of the\u00a0<a class=\"css-1g7m0tk\" title=\"\" href=\"http:\/\/www.wiserwomen.org\/\" target=\"_blank\" rel=\"noopener noreferrer\">Women\u2019s Institute for a Secure Retirement<\/a>, known as Wiser, a nonprofit organization dedicated to women\u2019s financial education and advocacy. \u201cAnd that creates serious problems for women \u2014 many who are divorced or widowed at older ages.\u201d<\/p>\n<p class=\"css-1ygdjhk e2kc3sl0\"><span style=\"font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen-Sans, Ubuntu, Cantarell, 'Helvetica Neue', sans-serif;\">In fact, women 75 to 79 were three times more likely to fall below the poverty level than men the same age, according to a\u00a0<\/span><a class=\"css-1g7m0tk\" style=\"font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen-Sans, Ubuntu, Cantarell, 'Helvetica Neue', sans-serif;\" title=\"\" href=\"https:\/\/www.nirsonline.org\/2016\/03\/women-80-more-likely-to-be-impoverished-in-retirement\/\" target=\"_blank\" rel=\"noopener noreferrer\">report<\/a><span style=\"font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen-Sans, Ubuntu, Cantarell, 'Helvetica Neue', sans-serif;\">\u00a0by the National Institute on Retirement Security.<\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"css-u5vfum StoryBodyCompanionColumn\">\n<div class=\"css-4w7y5l\">\n<p class=\"css-1ygdjhk e2kc3sl0\">An early start to retirement savings can help change that crystal ball for younger women today, but for many women in their 20s, debt can be a stumbling block to savings.<\/p>\n<p class=\"css-1ygdjhk e2kc3sl0\">The single greatest source of millennials\u2019 debt comes from education loans and credit card bills, according to a 2018 Northwestern Mutual\u00a0<a class=\"css-1g7m0tk\" title=\"\" href=\"https:\/\/news.northwesternmutual.com\/planning-and-progress-2018\" target=\"_blank\" rel=\"noopener noreferrer\">study.<\/a>\u00a0And the average card debt in the United States for someone under 35 is $5,808, according to the financial website\u00a0<a class=\"css-1g7m0tk\" title=\"\" href=\"https:\/\/www.valuepenguin.com\/average-credit-card-debt#by-age\" target=\"_blank\" rel=\"noopener noreferrer\">ValuePenguin<\/a>.<\/p>\n<p class=\"css-1ygdjhk e2kc3sl0\">Women now earn 57 percent of bachelor\u2019s degrees from American colleges and universities, but the American Association of University Women\u2019s\u00a0<a class=\"css-1g7m0tk\" title=\"\" href=\"https:\/\/www.aauw.org\/research\/deeper-in-debt\/\" target=\"_blank\" rel=\"noopener noreferrer\">analysis<\/a>\u00a0of federal government data found that women are more likely to take on debt than their male counterparts \u2014 41 percent of female undergraduates took on debt in 2015-16 compared with 35 percent of male undergraduates.<\/p>\n<p class=\"css-1ygdjhk e2kc3sl0\">And it takes women longer to pay back those loans than it does men, in part because of the gender\u00a0<a class=\"css-1g7m0tk\" title=\"\" href=\"https:\/\/www.aauw.org\/research\/the-simple-truth-about-the-gender-pay-gap\/\" target=\"_blank\" rel=\"noopener noreferrer\">pay gap<\/a>. Women working full time with college degrees make about 26 percent less than their male counterparts, according to the analysis. Lower pay means less income to allocate to debt repayment and to saving for retirement.<\/p>\n<p class=\"css-1ygdjhk e2kc3sl0\">The pay gap, however, is just one piece of the puzzle when it comes to the significance of increasing the savings of millennial women. An average woman spends 44 percent of her adult life out of the work force compared with 28 percent for a man, according to the Age Wave calculation.<\/p>\n<p class=\"css-1ygdjhk e2kc3sl0\">When a woman reaches retirement age, she\u2019ll have earned a cumulative $1,055,000 less than a man who has stayed continuously in the work force, because of the accumulated lifelong pay gap and work force interruptions to care for children, aging parents or a spouse, according to the Age Wave computation based on figures from the Bureau of Labor Statistics.<\/p>\n<\/div>\n<aside class=\"css-1m2ozyi\">\n<div class=\"css-we5v5d ehpkjz40\" data-testid=\"article-companion-wrapper\">\n<div id=\"newsletter-module\" class=\"css-rzld5f ehpkjz41\">\n<div class=\"css-tmqdvj ehpkjz42\">\n<div class=\"css-tjpxhb\">\n<blockquote>\n<div class=\"css-11tp9ka\"><span style=\"font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen-Sans, Ubuntu, Cantarell, 'Helvetica Neue', sans-serif;\">\u201cWomen in their 20s\u00a0<\/span><em class=\"css-2fg4z9 ehxkw330\" style=\"font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen-Sans, Ubuntu, Cantarell, 'Helvetica Neue', sans-serif;\">must<\/em><span style=\"font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen-Sans, Ubuntu, Cantarell, 'Helvetica Neue', sans-serif;\">\u00a0make saving a priority, plan for career interruptions and look at saving as making an investment in their future self,\u201d Ms. Dychtwald said.<\/span><\/div>\n<\/blockquote>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/aside>\n<\/div>\n<div class=\"css-u5vfum StoryBodyCompanionColumn\">\n<div class=\"css-4w7y5l\">\n<p class=\"css-1ygdjhk e2kc3sl0\">It\u2019s not just women, of course. About two-thirds of working millennials from ages 21 to 32 have nothing saved for retirement, according to a National Institute on Retirement Security\u00a0<a class=\"css-1g7m0tk\" title=\"\" href=\"https:\/\/www.nirsonline.org\/reports\/millennials-and-retirement-already-falling-short\/\" target=\"_blank\" rel=\"noopener noreferrer\">report<\/a>.<\/p>\n<p class=\"css-1ygdjhk e2kc3sl0\">In part, the setback for both women and men in their 20s is the rise of the gig economy, and access to and eligibility for an employer retirement plan. While more than 94 percent of millennials like Ms. Corner, who are eligible for a workplace retirement plan, are saving, many don\u2019t have access to an employer plan.<\/p>\n<p class=\"css-1ygdjhk e2kc3sl0\">About 25 percent of millennials were not eligible to participate in an employer-sponsored retirement plan because they worked part time, according to the National Institute on Retirement Security\u00a0<a class=\"css-1g7m0tk\" title=\"\" href=\"https:\/\/www.nirsonline.org\/wp-content\/uploads\/2018\/02\/Millennials-Report-1.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">report<\/a>. And more than half of millennial women, 56.1 percent, work part time, compared with 44 percent of millennial men.<\/p>\n<p class=\"css-1ygdjhk e2kc3sl0\">Sara Blandin, 28, a marketing director in Asheville, N.C., for instance, does not have access to an employer retirement plan. \u201cA lot of my female friends are in the same boat,\u201d she said. \u201cI do have a savings account, and I<em class=\"css-2fg4z9 ehxkw330\">\u00a0am<\/em>\u00a0thinking about opening a Roth IRA as soon as possible.\u201d<\/p>\n<p class=\"css-1ygdjhk e2kc3sl0\">Ms. Blandin had a retirement fund with one of her former employers. \u201cThen I moved on to a different job, and I took that money out\u201d \u2014 about $7,000, she said. \u201cIsn\u2019t that the craziest thing? I knew it was a bad idea, but I didn\u2019t have an option. I needed to pay off the last of my student loans and credit card debts that had built up from buying furniture for my apartment and purchasing nice office clothes \u2014 I didn\u2019t even have dress pants.\u201d<\/p>\n<p class=\"css-1ygdjhk e2kc3sl0\">More than half of investors ages 18 to 34 say they have taken money from a retirement account and paid the tax and penalty for doing so, according to\u00a0<a class=\"css-1g7m0tk\" title=\"\" href=\"https:\/\/etradefinancialcorporation.gcs-web.com\/news-releases\/news-release-details\/etrade-study-reveals-early-retirement-account-withdrawals-are\" target=\"_blank\" rel=\"noopener noreferrer\">research<\/a>\u00a0from E-Trade Financial. That figure has been growing steadily since 2015, when it was 1 in 3.<\/p>\n<\/div>\n<aside class=\"css-1m2ozyi\"><\/aside>\n<\/div>\n<div id=\"story-ad-4-wrapper\" class=\"css-2ninbb\">\n<div id=\"story-ad-4-slug\" class=\"css-l9onyx\">\n<p><span style=\"font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen-Sans, Ubuntu, Cantarell, 'Helvetica Neue', sans-serif;\">Paying off debt is a financial priority among 67 percent of millennials, according to the Transamerica Center for Retirement Studies\u2019 most recent\u00a0<\/span><a class=\"css-1g7m0tk\" style=\"font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen-Sans, Ubuntu, Cantarell, 'Helvetica Neue', sans-serif;\" title=\"\" href=\"https:\/\/www.transamericacenter.org\/docs\/default-source\/retirement-survey-of-workers\/tcrs2017_pr_three_generations_prepare_for_retirement.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">Retirement Survey<\/a><span style=\"font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen-Sans, Ubuntu, Cantarell, 'Helvetica Neue', sans-serif;\">. And roughly 28 percent of millennial workers have dipped into a retirement account for an early withdrawal or loan from a 401(k) or similar account, according to this report.<\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"css-u5vfum StoryBodyCompanionColumn\">\n<div class=\"css-4w7y5l\">\n<p class=\"css-1ygdjhk e2kc3sl0\">\u201cThe biggest challenge, honestly, is getting started,\u201d Ms. Blandin said. \u201cYou get to this point when you are on your own, and you want to be responsible and put money away, and you realize it\u2019s important, but knowing how to do that gets really complicated. There is all this financial jargon that is hard to understand and you kind of get stuck.\u201d<\/p>\n<p class=\"css-1ygdjhk e2kc3sl0\">But about 63 percent of women ages 18 to 29 say \u201cfinancial planning is too difficult to even think about,\u201d Ms. Dychtwald said.<\/p>\n<figure id=\"attachment_7206\" aria-describedby=\"caption-attachment-7206\" style=\"width: 300px\" class=\"wp-caption alignright\"><a href=\"https:\/\/kerryhannon.com\/?attachment_id=7206\" rel=\"attachment wp-att-7206\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" data-attachment-id=\"7206\" data-permalink=\"https:\/\/kerryhannon.com\/?attachment_id=7206\" data-orig-file=\"https:\/\/i0.wp.com\/kerryhannon.com\/wp-content\/uploads\/2018\/12\/0.jpeg?fit=500%2C500&amp;ssl=1\" data-orig-size=\"500,500\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"0\" data-image-description=\"&lt;p&gt;Lazetta Rainey Braxton&lt;\/p&gt;\n\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/kerryhannon.com\/wp-content\/uploads\/2018\/12\/0.jpeg?fit=300%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/kerryhannon.com\/wp-content\/uploads\/2018\/12\/0.jpeg?fit=500%2C500&amp;ssl=1\" class=\"wp-image-7206 size-medium\" src=\"https:\/\/i0.wp.com\/kerryhannon.com\/wp-content\/uploads\/2018\/12\/0.jpeg?resize=300%2C300&#038;ssl=1\" alt=\"\" width=\"300\" height=\"300\" srcset=\"https:\/\/i0.wp.com\/kerryhannon.com\/wp-content\/uploads\/2018\/12\/0.jpeg?resize=300%2C300&amp;ssl=1 300w, https:\/\/i0.wp.com\/kerryhannon.com\/wp-content\/uploads\/2018\/12\/0.jpeg?resize=150%2C150&amp;ssl=1 150w, https:\/\/i0.wp.com\/kerryhannon.com\/wp-content\/uploads\/2018\/12\/0.jpeg?w=500&amp;ssl=1 500w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><figcaption id=\"caption-attachment-7206\" class=\"wp-caption-text\">Lazetta Rainey Braxton<\/figcaption><\/figure>\n<p class=\"css-1ygdjhk e2kc3sl0\">Automating savings can help \u2014 even $25 dollars per pay period, said Lazetta Rainey Braxton, a financial planner and founder of\u00a0<a class=\"css-1g7m0tk\" title=\"\" href=\"https:\/\/financialfountains.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Financial Fountains<\/a>\u00a0in Baltimore. \u201cIt seems like nothing, but it\u2019s the habit,\u201d she said. \u201cIt\u2019s not the dollar amount. Once they get going, they see they can do that, and they can up it to $50, then to $100. It\u2019s not hoping that someone will do that for you later in life. It\u2019s self-care. You have to value yourself first. It will dictate your future financial well-being.\u201d<\/p>\n<p class=\"css-1ygdjhk e2kc3sl0\">One way Ms. Blandin is seeking extra funds to open a Roth IRA is \u201ca side hustle,\u201d she said. \u201cI do sports and concert photography. A lot of my girlfriends do side hustles. One of my friends cooks vegan food, and she caters events. There are people who pick up bar shifts. It\u2019s nice because you can do it within your passion.\u201d<\/p>\n<p class=\"css-1ygdjhk e2kc3sl0\">Developing a contract side gig through an online freelance marketplace like Upwork or Fiverr, or selling craft items on eBay or Etsy, \u201cis a great way to have an incremental pot on the side to use for savings,\u201d Ms. Braxton said.<\/p>\n<p class=\"css-1ygdjhk e2kc3sl0\">And Ms. Blandin makes it a point to negotiate her salary. \u201cI revisit my pay with my boss regularly and set time aside to discuss everything that I\u2019m doing.\u201d<\/p>\n<\/div>\n<aside class=\"css-1m2ozyi\"><\/aside>\n<\/div>\n<div id=\"story-ad-5-wrapper\" class=\"css-2ninbb\">\n<div id=\"story-ad-5-slug\" class=\"css-l9onyx\">\n<p><span style=\"font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen-Sans, Ubuntu, Cantarell, 'Helvetica Neue', sans-serif;\">Negotiating for higher pay can make a big difference in the amount young women can set aside for retirement. \u201cI am encouraged by what I see,\u201d Ms. Braxton said. \u201cI have several 20-somethings who have sought me out for help. I encourage them to negotiate as much as they can for salary because more money means more resources all the way around for the rest of their lives.\u201d<\/span><\/p>\n<\/div>\n<\/div>\n<div class=\"css-u5vfum StoryBodyCompanionColumn\">\n<div class=\"css-4w7y5l\">\n<p class=\"css-1ygdjhk e2kc3sl0\">To help women improve salary negotiation skills, for example, the American Association of University Women offers a free one-hour\u00a0<a class=\"css-1g7m0tk\" title=\"\" href=\"https:\/\/salary.aauw.org\/\" target=\"_blank\" rel=\"noopener noreferrer\">course<\/a>.<\/p>\n<p class=\"css-1ygdjhk e2kc3sl0\">Women in their 20s also tend to spend more than their male peers on living in a safer neighborhood, where rents might be higher, said Tricia Rosen, a financial planner and founder of\u00a0<a class=\"css-1g7m0tk\" title=\"\" href=\"https:\/\/accessfinancialplanning.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Access Financial Planning<\/a>\u00a0in Andover, Mass. \u201cAnd they spend more on transportation, say, taking an Uber or a Lyft, rather than walking, which isn\u2019t wrong, but can add up.\u201d<\/p>\n<p class=\"css-1ygdjhk e2kc3sl0\">To making retirement saving relevant for women in their 20s who, unlike Ms. Corner, don\u2019t see the long game, \u201cyou need to get rid of the word\u00a0<em class=\"css-2fg4z9 ehxkw330\">retirement\u00a0<\/em>planning,\u201d Ms. Rosen said. \u201cMake it goal planning \u2014 that makes it more meaningful.\u201d<\/p>\n<p>By\u00a0<a href=\"https:\/\/kerryhannon.com\"><span class=\"css-1baulvz\">Kerry Hannon<\/span><\/a><\/p>\n<\/div>\n<aside class=\"css-1m2ozyi\"><\/aside>\n<\/div>\n<\/section>\n<div class=\"bottom-of-article\">\n<div class=\"css-e25ngt\"><\/div>\n<div class=\"css-1jhku0n\">A version of this article appears in print on\u00a0<time class=\"css-10rvbm3\" datetime=\"2018-12-05T05:00:00.000Z\">Dec. 5, 2018<\/time>, on Page\u00a0B4\u00a0of the New York edition\u00a0with the headline:\u00a0Young Women Saving to Retire Have to Play Catch-Up.\u00a0<a href=\"http:\/\/www.nytreprints.com\/\">Order Reprints<\/a>\u00a0|\u00a0<a href=\"http:\/\/www.nytimes.com\/pages\/todayspaper\/index.html\">Today\u2019s Paper<\/a>\u00a0|\u00a0<a href=\"https:\/\/www.nytimes.com\/subscriptions\/Multiproduct\/lp8HYKU.html?campaignId=48JQY\">Subscribe<\/a><\/div>\n<div class=\"css-mqwa36\">\n<div class=\"css-hn080\" role=\"toolbar\" aria-label=\"Social Media Share buttons, Save button, and Comments Panel with current comment count\" data-testid=\"share-tools\"><\/div>\n<\/div>\n<\/div>\n<div class=\"css-jad7l0\"><\/div>\n<div style=\"padding-bottom:20px; padding-top:10px;\" class=\"hupso-share-buttons\"><!-- Hupso Share Buttons - http:\/\/www.hupso.com\/share\/ --><a class=\"hupso_toolbar\" href=\"http:\/\/www.hupso.com\/share\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/static.hupso.com\/share\/buttons\/share-small.png?w=640&#038;ssl=1\" style=\"border:0px; padding-top:5px; float:left;\" alt=\"Share Button\"\/><\/a><script type=\"text\/javascript\">var hupso_services_t=new Array(\"Twitter\",\"Facebook\",\"Google Plus\",\"Pinterest\",\"Linkedin\",\"StumbleUpon\",\"Digg\",\"Reddit\",\"Bebo\",\"Delicious\");var hupso_background_t=\"#EAF4FF\";var hupso_border_t=\"#66CCFF\";var hupso_toolbar_size_t=\"small\";var hupso_image_folder_url = \"\";var hupso_url_t=\"\";var hupso_title_t=\"Why Young Women Can&#039;t Ignore Saving for Retirement\";<\/script><script type=\"text\/javascript\" src=\"https:\/\/static.hupso.com\/share\/js\/share_toolbar.js\"><\/script><!-- Hupso Share Buttons --><\/div>","protected":false},"excerpt":{"rendered":"<p>For Lindsay Corner, 25, saving for retirement has a greater urgency than for many of her peers. \u201cNone of my girlfriends talk about it, but I feel fairly confident about managing money and finances,\u201d Ms. Corner said. \u201cI learned about it from my parents and, in college, I studied accounting and finance and took a [&hellip;]<\/p>\n<div style=\"padding-bottom:20px; 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