Financial planners urge women to take hold of their futures

May 13, 2011

Financial planning increasingly important among women

Women have long been a part of the workforce, but planning for retirement needs is becoming increasingly important. More than one in 10 women live on less than $10,000 a year during retirement, according to MSN.

Female professionals typically work 12 fewer years than men, as they are more likely to halt their careers in order to care for children and other family members. Without this time to contribute to a 401(k) or Social Security, women are often left financially vulnerable.

"Women tend to be more conservative investors," Phyllis Silverman, the vice president of PNC wealth management and director of Women's Financial Services Network at PNC, said to MSN.

They have historically ceded control of their financial futures to their husbands, who they will most likely outlive. In order to avoid spending their golden years in poverty, contemporary women must be diligent when dealing with their finances and planning for the later years in life, according to The Street news source.

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