Retirement saving advice for women

March kicks off Women's History Month, and the history of women and money goes deepen than Harriet Tubman on the $20 bill.

More women are working than ever before and they make most of the family purchasing decisions. However, women may also need more retirement savings than men, but they fall short for a number of reasons including:

  • Women usually live longer than men, which means they will need additional retirement saving
  • Reduced earning power, as they are more likely to take time off to care for a child, spouse, or parent
  • When women are out of the workforce for a significant time, three or more years, their earning power is reduced significantly. This results in less money for retirement and social security benefits

Melissa Spickler, Bank of America Merrill Lynch Financial Advisor, joins us on The Nine with some advice. You can watch in the video player above.