Whether single or married, in today’s day and age, women need to take control of their retirement planning. Why? There are many reason but I will list a few:

• Statistically women outlive men
• While women tend to still earn less than men, they are still earning more than ever before
• Due to time out of the workforce to have children, women tend to have less money available to put into retirement plans

According to an interesting report on MoneyCentral: “Only 29% of female retirees are covered by a pension, according to the Womens Institute for a Secure Retirement (WISER), and the average payout is only $3,480 a year. Add to that today’s average Social Security payment of about $10,500 a year, and you’re living modestly at best.”

So the question is what to do? The answer, start saving and invest ASAP. It’s probably a good idea to meet with a financial advisor and create a financial plan. There you can figure out what your expenses are, and what your income is, and create a savings plan that will enable you to achieve your retirement goals. The general rule from financial advisors is that you should try and save 10% of your gross income. While that may sound impossible, the point is to save as much as possible. An advisor can also sit with you on your expenses, and together, you may be able to find ways to cut out $50-100 a month in expenses. Chances are that a few brown bag lunches and a few less trips to Starbucks, and you will be amazed at how your situation will improve.

In later posts, Bizzywomen will provide resources and other tips for learning and understanding your investments, as well as information for those of you who happen to be do-it-yourselfers.

Aaron Katsman is Managing Editor of the Israel Opportunity Investor newsletter. He is lead portfolio manager for the Israel Growth Portfolio and Managing Director of America Israel Investment Associates, LLC. For more information, go to www.israelnewsletter.com   or email aaron@profile-financial.com.