The women in the retirement plan debate have to make a choice, and that’s to put aside money for the future or leave it all to some other person or group.
A new report from the Federal Reserve says many people are choosing the latter.
The report, released Friday, said women are more likely to choose a retirement savings program that allows them to contribute to a plan for the first five years of the plan’s life, and a majority of the women surveyed said they have chosen the option.
The Federal Reserve survey also found that while many women say they would be more likely if they had an additional income to support them, a majority said they would not choose that option.
Many people say that it is easier to save money if you know where you’re going to be spending it.
It is a question that’s not new to the retirement savings world, and it was asked of the average American when the financial crisis hit in 2008.
The National Women’s Law Center said that as a woman is increasingly looking for a way to provide for herself, and the current trend in retirement savings programs shows that many people feel that it’s not possible for them to put all of their eggs in one basket.
The survey found that 59 percent of women surveyed would be “more likely to put their retirement savings into an IRA or 401(k) than a 529 plan” if they could.
A plurality of women said they “would not contribute more to a 401(K) or IRA if it meant they would have to invest their own money” in the plan.
And a majority also said they wouldn’t put more than $1,500 in an IRA, or $3,500 into a 401.
The women’s retirement savings options are changing in ways that aren’t always being reflected in the news, but they’re not going away anytime soon, said Amy Stiles, the president of the Women’s Retirement Savings Association.
The group said that women have been taking advantage of the latest advances in the market since the financial downturn.
For example, the women’s plans have more than tripled in value since 2008, while the men’s plans haven’t.
Stiles said that the current retirement savings trends show that the industry is going through a period of transition and the industry needs to recognize that there are some women who want to participate in retirement planning.
She added that the retirement benefits are not a replacement for the employer-sponsored health insurance, or COBRA.
The new plan options, which offer benefits such as a guaranteed minimum benefit, 401(b) match and an employer match, are not guaranteed to work for women, Stiles added.
“There are other ways that you can participate in your retirement,” Stiles told CNBC’s “Squawk Box.”
“For example, you can make a purchase in a store, and you can go out to the store and you pay a little bit of money to the employee to have the merchandise in the store.”
For the average retiree, there are other retirement plans available to them, but there is not one that matches the needs of all women, said Jennifer Toth, the executive director of the National Association of Retired People.
The retirement savings industry has struggled to find a way for women to participate.
The biggest challenge is that women are still less likely to have access to retirement plans than men, Toth said.
The majority of women have had difficulty accessing a workplace retirement plan.
For many women, it is just not an option.
But there are plans out there for women that offer benefits, she said.
“For those women who have a family, they can contribute and be protected from the employer,” Toth told CNBC.
“They can also be protected if they are receiving a job loss.”
Toth added that many women will find it more attractive to use a tax-advantaged retirement account than an employer-based retirement account.
The Tax Foundation, an independent research organization, said that about 1 in 5 women, or about 1 out of 5, use a 401K.
The study found that a majority (56 percent) of women who use a 529 retirement plan say they will use the plan for their child, spouse or parent, and about a third of those women will also use it to invest.
The plan offers a guaranteed income of at least $18,000 per year for a lifetime.
Women can contribute up to $10,000 into the account.
But the fund’s tax-free growth, or “deferred income,” is limited to $1 million, and most women don’t see it that way.
For those who do, the tax-deductible contribution rate is 10 percent, which can be significant, said Toth.
But she added that most women will not see a tax benefit from a 529 account, even if they have a child or a spouse.
Toth also said that many retirement plans will offer a certain amount of employer match contributions.
The maximum match is $10 million per employee.
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