Do female Internet entrepreneurs ever retire? It doesn’t seem to be a topic on anyone’s radar in the Internet community. But, elsewhere it caused quite a news brouhaha when Bloomberg News recently featured the Financial Fitness Report. It looked at retirement funds of females and males, age 45, who are planning on retiring at age 65 and live on 70% of their income.
Females are $268,000 short of projected retirement needs while males are only short $212,000.
The number crunchers’ reasons for a difference.
Women have interrupted career income due to having children, being stay-at-home moms and caring for elderly parents or relatives. Consequently, the social security contribution is smaller.
Working women, in general, contribute put more into retirement plans. However, again job interruptions cause a smaller contribution amount and consequently, a smaller retirement benefit.
Working women, for the most part, continue to earn 79 cents to every $1.00 earned by men in the current economy. In terms of retirement funding, women would have to set aside $126 to meet every $100 set aside by men.
Because women live longer than men (ave. of 2.3 years), they incur greater costs for investment annuities, long-term healthcare insurance, and out-of-pocket medical expenses.
Additional factors include women relegated to minimum wage jobs, those unable to return to comparable incomes due to the 2008 recession, loss of economic stability due to divorce or employment loss to debilitating illness or injury.
So, why are female Internet entrepreneurs less concerned about retirement income?
Their 10 reasons are …
- Able to take work experience and career knowledge and package it into income generating products and services
- Able to create multiple layered price point products and services from simple products to high-end coaching
- Able to repurpose content information into different income delivery systems
- Able to create multiple business ventures with different products or services
- Able to create a flexible schedule to work around family responsibilities
- Able to get off the ground due to low start-up costs compared to other business endeavors
- Able to continue working as long as desired since no one has to know your real age
- Able to avoid gender bias by entering any marketing arena without having to identify as female
- Able to work from almost anywhere and under almost any circumstances
- Able to benefit from business tax deductions
At whatever stage of life a woman enters Internet entrepreneurship, she not only has the opportunity compensate for any retirement loss, but also the ability to create a retirement surplus.
I’m curious, do you ever see yourself retiring from your Internet endeavor?
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