1 tip for women: save early, save and save often as you can. (Photo: Jupiterimages.com)

Planning, savings, investment and retirement life is not easy for many Americans. But it is particularly difficult for women, according to a new report from the National Pension Security Institute (NIRS).

But this does not mean that all is lost for women, according to Jennifer Brown, NIRS Research Manager and co-author of the report, "deceived in the Retiro Park, the continuing challenges for the financial future of women." Here is an overview of some of the key findings and what women can do to increase your chances to enjoy improve retirement.

Women are 80% more likely than men to reduce to 65 years, while women 75-79 are three times more likely. The best way to avoid living in poverty?

  • Register at work. Save early, save and save often as possible. "The best way to ensure always remove, participate in a plan from the beginning of the career of a pension," said Brown. "You need to participate in your company's retirement plan if you qualify as soon as you are eligible, and to save as much as possible to maximize the power of compound interest."
  • Save in an IRA. If you do not have access to a pension plan at work, Brown recommends using an IRA than to register Myra. "Additionally, it may soon be able to save for retirement sponsored by a pension plan by the state in states like Maryland, Oregon, California, Connecticut, Illinois and Massachusetts," she said.
  • Excellent store. Many people do not use not to a pension plan, even if your employer offers a match ways to increase their retirement savings by the federal credit savers or to carry, Brown said. Credit Savers - low to low or moderate - provides a tax credit of up to $ 2,000 for those who contribute to a retirement account. For this credit, taxpayers must submit Form 8880 with your tax return. Even if your employer has an employer match, definitely enjoy, Brown said.
  • Not the can on the way occur. Retirement can here earlier than expected. "Almost half of workers retire earlier than planned, due to health problems, downsizing / layoffs or the challenge of a spouse or family member to take care of," says Brown.

Participation in the labor force among women 55 to 64 from 53% at age increased in 2000 to 59% in 2015. According to the NIRS, can women who are already working to the decline in pension to compensate during their career and the capital losses of the Great recession over. Therefore, women should this trend continue? "Without returning to the labor market, most women will not have enough retirement money," says Brown.

Jennifer Brown, NIRS Research Manager. (Photo: Handout)

While Social Security benefits women 65 and up to an average of $ 13,824 per year, Brown said the $ 10,000 less than the calculation of the costs nationally recognized quality of life. "Because of these differences women have to rely more than social security," she said.

While women were slightly more likely than men to employers to work that offer pension plans in 2012, are often out of the question because of the part - time work "Women for two Account -. Third hand -.?, Part ~~ POS = TRUNC to work, "says Brown What" Women who participate ~~ POS = TRUNC are, should aim at the eligibility criteria of the plan by the employer, or they should take sponsored for their own age by an IRA to save as Myra. "

Social security is an important source of income for older households with an income under $ 80,000. "Even if Social Security is more than half of women against poverty, the only social security is not simply attach both ends for all women, but married women, "says Brown," for widowed, divorced, separated and married women -. especially black and Hispanic women -. These women need additional savings ... not to work in retirement "

Women in health care, education and public administration, where pension plans are defined benefit often have higher and lower retirement income poverty rate.

Women should continue to pursue careers in these fields, Brown said. According to the US Department of Labor, women have worked more in the fields of education and healthcare. And this trend in 2013 continued, as 19% of women were employed in health care, 15% were employed in educational services and 6% in public administration.

"It is not surprising that women in these areas are attracted because these areas have some of the highest rates of pension coverage - and higher coverage of defined benefit - all industries that we studied," Brown said.

Robert Powell is editor of Retirement Weekly, writes regularly in the USA Today, the Wall Street Journal and MarketWatch. Questions about money? E - mail to Bob rpowell@allthingsretirement.com.

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