Women, Don't Let Men Be 15% More Likely to Make This Critical Retirement Savings Move

Women tend to live longer than men, and also tend to have less money to live on in their later years. There are lots of reasons for that, including the impact of the gender wage gap on retirement savings. Some are difficult to correct, but there's one simple way women are falling short that's easy to fix: They're far less likely than men to have a written retirement strategy. 

According to recent research from the Transamerica Center for Retirement Studies, just 19% of women have a written retirement plan compared with 34% of men. This may not seem like a big deal, but since not knowing where to start is a leading obstacle to retirement savings, the process of making a written plan can make a world of difference in retirement readiness. After all, doing it forces you to determine the amount you need to save and set concrete goals with a timeline for achieving them. 

The good news is, it's not hard to make a plan. Just follow these five simple steps. 

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Source Fool.com