Don't just bet on the lottery. Here's a sound means of planning for retirement that actually works.
When compared with men, women are much less likely to invest their savings and thus miss out on significant wealth, especially in retirement years. This fact is especially important when you consider the reality that, on average, women live longer but earn less than men.
The One Thing Women Should Do to Have At Least $1 Million in Retirement
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In other words, there is a severe pay and pension gap between the genders.
Although closing the pay gap may be beyond the control of most workers, closing the pension gap is far easier than one initially assumes. While some might think they’d have to win the lottery in order to have millions in the bank at retirement, that’s simply not true.
Consider that if you win the Mega Millions, your prize is $1 million, but your chance of actually winning is a dismal 1 in over 12.5 million. Meanwhile, thanks to the power of compound interest, you can still have $1 million or even more in your account if you invest your savings, especially starting at a relatively younger age.
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