The time to start saving for retirement is age 20, Lynne Richardson, dean of the College of Business said when she spoke to women about finances Wednesday during a luncheon.
"I see so many people in their 40s who never started investing," Richardson said. "Starting early by putting money in the bank or investing it makes a large difference."
Richardson stressed the importance of investing early in life. She also said it is important for women to be educated about finances.
Julee Rosser, assistant director of women's studies, also said financial information was important for women. Rosser said society traditionally teaches women to leave finances to men, therefore women are more apprehensive about controlling expenses and investing.
"It was important to get the dean from the College of Business to explain to women that they can do this," Rosser said. "This will help a lot of women take control of their finances in their 20s and feel empowered enough to go through with it."
Richardson advised saving $2,000 annually from age 20 to 29. After the nine years are completed, Richardson said to reinvest the money earned for 35 years. By doing this, one may compound anywhere from $270,000 to more than $800,000.
Aside from retirement, Richardson helped the women understand the importance of saving for college for their children and care for their parents. She noted that Internet sites can help parents calculate how much money to invest while the child is young to ensure they can pay for a college education.
Women of various ages were in attendance. Most focused on how Richardson's suggestions would help their children learn to invest.
"I'm going to tell my children to start saving money so they can eventually look after me," Morgan said. "If they start now, they don't have to do it later."
Read More
Three Air Jam teams take home the win
October 12, 2012Nineteen teams shimmied, shook and flipped for a sold out John R. Emens Auditorium on Thursday night during the 25th annual Air Jam.
Bill Clinton Speaks at North Central High School
October 12, 2012Former President's Speech Could Have Effect on State Senate Race
