2. Insurance Needs

Women who don’t work nonetheless have economic value and need life insurance. This is particularly true if they’re caring for underage children at home. In the event of unexpected death, life insurance proceeds can be spent to pay others for their homemaking services.

 Women also need long-term care insurance more than men since they live longer and often outlive their spouses. A trip to any assisted living facility or nursing home will confirm that the majority of residents are women. This insurance need will grow as people continue to live longer lives.

3. Retirement funds

Your 401(k) or other retirement plan at work probably represents your best opportunity to quickly save large amounts for retirement. The tax advantages of such an account, which usually include pre-tax contributions, coupled with employer matching or other contributions make it tough to beat.

This isn't true in every case though, so investigate the details of your plan, as well as the investment options offered within it. Most 401(k) plans will allow you to save more.