Transcript for New Study Shows Women Feel Uncomfortable About Retiring
Time for "Gma's" real money and a new study showing that women are more unsure and anxious about retirement than men. Our economics correspondent Rebecca Jarvis has some ideas to jump start your savings. Reporter: Nancy camerota says not much scares her, not much except retirement. What scares me the most about retirement is did I financially plan enough? Do I have enough saved. Reporter: The 54-year-old single mom says retirement has taken a backseat to her top priority, her daughter. I would give up anything to make sure that she has the best. So could I save more money? I think I've done a decent job. I'm worried that a decent job isn't enough anymore. Reporter: Nancy is hardly alone. According to a study conducted by research firm gfk women are more pessimistic about retirement than men with 60% reporting they feel unsure or lacking in financial confidence. Fortunately we knew just who to call. Financial expert and author Nicole lapin. First order of business, for Nancy, says Nicole, start focusing less on her daughter's future and more on hers. Nancy says she wants to finance her daughter's college education which she expects to cost around $250,000 but Nicole says considering asking Nancy's daughter to take out more student loans. The last thing you want to do is show up at your child's door when you can't pay for your own retierlt so like they say on an airplane put your oxygen mask on first before helping others. Reporter: Second, take advantage of Roth I.R.A.S, the advantages of a Roth I.R.A. Are that your contributions grow tax-free and that you can generally make withdrawals tax and penalty-free after you reach age 59 1/2. Don't panic. It's never too late to start saving for retirement. Reporter: It's never too late but the very best time to start is right now, today. And here's why. We want to say if you start adding $1,000 a year at age 25 to a Roth I.R.A., by the time you are 65, you will have put $40,000 into that account but thanks to compounding, the account will be worth $213,000, now, if you wait to start putting money into that very same account until you're 45, you put the same amount in, your investment will only be worth $87,000, that's because you don't give it the same amount of time to grow so anybody out there who is young thinking I can't start saving today, $25 goes a long way. That compound interest is almost magical. It does the trick. It does, Rebecca, thanks very much.
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