As women and minorities tend to earn less than white men on average, they also have lower lifetime earnings. In addition, many women work part-time or take time off to care for their families, lowering their lifetime earnings.
Everyone has to set a realistic budget for their household expenses and designate part of their income to savings and retirement funds. When women are planning for retirement, they should also factor into their calculations the fact that women tend to have longer lifespans than men (meaning that they have longer retirements). If people fail to plan for their longer retirements, they may unfortunately face poverty and hardship as senior citizens. Women and minorities who are veterans can improve their financial fitness by using some of the services that the government provides to veterans, including help with home loans, pensions, and life insurance.
In addition, employers can play a role in helping women and minorities by providing retirement funds for part-time or temporary workers and by making it possible for employees to contribute to the retirement funds automatically through their paychecks. In addition, employers can help women and minorities by allowing them to work part-time past the age of retirement so that these workers have more money in retirement.
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