Women Make Little Money in the Golden Age Afraid

Nearly 40% of women aged 30 to her 55 I worry that my retirement years will be at or near the poverty line. A recent survey found that people aren’t saving enough for retirement.

The 2005 National Women’s Retirement Survey found that women of color were most concerned about their ability to save for retirement. Fifty-three percent of women of color expect to live at or near the poverty line after retirement, compared with just 33 percent of men who expect to face the same dilemma. .

The study was commissioned by the Heinz Family Philanthropies. Teresa Heinz is the founder of the Women’s Institute for a Secure Retirement and president of the Heinz Family Philanthropies.
Here are some of the other key findings from the

*52% of women expect to continue working after retirement, including her 57% of Hispanic women.

* Her 54% of women have little or no money left to save for retirement after paying their bills. Among Hispanic and African American women she rises to 62%.

*When asked, “Do you think you have enough money saved for retirement now?” 62% of the women surveyed said no. Among women of color, 74% of her African American and Hispanic women said they were not saving enough.

*When asked about barriers to retirement savings, African American women were 2 more likely than white women to cite “financial responsibility for their adult children and grandchildren” as a reason for not saving for retirement. was more than double. Sixty-three percent of African-American women who support adult children and grandchildren say they spend between $100 and $1,000 of hers each month.

Heinz Family Philanthropies commissioned the Christie Foundation, the Barbara Leigh Foundation and others to conduct this study to identify the key retirement savings issues facing women and use the data to secure their future. We have developed a method to help improve your finances.

This study surveyed her 1,700 adults and has a margin of error of ±2.4 percent.

Roth Want to know how much you can save in your retirement account? If you’re running Microsoft Excel (or any other popular spreadsheet program) on , you can use its FV function to predict the future value of a Roth IRA or Roth 401(k).

The FV function calculates the future value of an investment, taking into account interest rates, number of payments, payments, present value of the investment, and optionally a change in annuity type. (We’ll talk more about switching pension types later.)

This function uses the following syntax. Suppose you want to calculate the future value of an individual’s retirement account that already has $20,000 in it and is making $400 monthly payments. Further suppose that you know the account balance (future value) for 25 years and expect an annual interest rate of 10%.

In this case, to use the FV function to calculate the future value of a person’s retirement account, enter the following in a worksheet cell: The function returns the value 771872.26 – approximately $772,000.

Remember: To convert 10% APR to monthly interest rate, divide APR by 12 in the formula. To convert the duration from 25 years to months, multiply 25 by 12 in the formula. This function also returns the future value amount as a positive value. This is because it reflects the inflow of money that you will eventually receive.

The 0 at the end of the function is an annuity switch. If you set the annuity type switch to 1, Excel assumes that payments are made at the beginning of the period (in this case, the month) according to the annuity payment rules. If you set the annuity switch to 0 or you omit the argument, Excel assumes payments occur at the end of the period following the ordinary annuity convention.

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