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IL Looks to Change History for “Women’s History Month”

March 18, 2008

Chicago, IL – Wise up, women! Fewer than half the working women in Illinois are saving for retirement, according to the U.S. Department of Labor. Against the backdrop of "Women's History Month," a meeting today will let women know they need to change their financial history if they want to be on firm economic footing in the future.

U.S. Department of Labor Women's Bureau Regional Administrator Nancy Chen says history so far hasn't favored women after they reach retirement. Because they generally earn less than men and spend fewer years in the workforce, many women find themselves receiving low income from Social Security.

"That is why it is critical that women do take their financial future in their own hands, and learn about financial planning as early as possible."

Ruby Haughton-Pitts with AARP Illinois says a lot of options are available these days to help women save for their golden years, even if they haven't thought about it in the past.

"We want women to learn 'How I can change this'--not their history as a financial saver, but their future."

Chen's agency is teaming up with the State Treasurer and AARP Illinois to get the word out to younger women that they need to start planning now for their future financial needs. The meeting takes place at 10 a.m., at the Blue Room, James R. Thompson Center, 15th Floor, 100 W. Randolph St., Chicago.

For more information, visit wiseupwomen.tamu.edu.

Deborah Smith/Don Mathisen, Public News Service - IL