Skimm Money: Retirement, Interest Rates, And Impulse Trading

Eyes On

Retirement Savings

Women are saving less for retirement. Which is not ideal because women generally live longer than men and need to save more (not less) for their golden years. Many factors contribute to the retirement gap. Like the gender pay gap and the investment gap (though, women are better investors than men on average). See also: The motherhood penalty and childcare costs. If you want to have enough savings for a comfortable retirement, here are some things you can do now.

Your move:

• Don’t wait. Saving for retirement may seem like a Future You problem, but putting it off could cost you big $$$ in the long run. Start now, even if it means starting small. Because compound interest is your best friend.

• Take risks early on. Women tend to be risk-averse investors, which can be a good thing. But more aggressive investing in things like stocks, especially when you’re young, could potentially generate higher returns.

• Diversify your savings accounts. Use your company's 401(k) and get the match, if your employer offers one, but don't overlook other options. Traditional and Roth IRAs both have unique tax advantages that can help you maximize your retirement savings.

Related Stories

• Investing Is ‘A Must’ for Women to Achieve a Secure Retirement. These 3 Steps Can Help.

• If You Haven’t Heard of a Roth 401(k), Here’s What You’re Missing Out On

• How a 44-Year-Old Built Up Enough ‘F–k You Money’ to Retire Early

For the Group Chat

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NASA.

Highs and Lows

After a tough week, bank stocks are still dominating market news. In the wake of Silicon Valley Bank’s collapse, Switzerland’s two largest banks are set to merge as governments look to reassure confidence in the global banking system. On Sunday, UBS agreed to buy its rival Credit Suisse for about $3.2 billion with Swiss regulators playing a key role in the deal. The acquisition comes after years of mismanagement at Credit Suisse and amid fears of its collapse. The announcement of the merger, meant to impede a larger banking crisis, was followed by an upswing in European and US bank stocks today.

5-Minute Money Tip

Download an app to avoid impulse trading.

If you’re constantly checking your Robinhood investments on your phone, consider downloading a screen-time-limiting app like One Sec or Opal. One Sec makes you wait 10 seconds before opening certain apps of your choice, while Opal blocks you from using them during scheduled sessions. Both force you to slow down and can help you avoid making impulsive financial decisions. Bonus points if you use them to kick your TikTok doom-scrolling habit, too.