Despite progress toward financial planning and saving, women often face challenges regarding their financial security. These challenges can include more time away from the workforce (often caring for children or for parents), the gender pay gap, and other factors that impact their investing and saving for retirement. Women need to recognize these barriers to saving and investing and prepare by making informed decisions for themselves.
Some of the Unique Challenges Women Face When Saving for Retirement
Women live longer: The average life expectancy for women is age 86, and she'll spend, on average, 21 years in retirement.
Women are more likely to live in poverty: Women age 65 or older are 43% more likely than men to live on an income below the poverty level, and 65% of the elderly poor are women.
Women are more likely to work part-time: 30% of female workers are part-time workers with no retirement savings benefits.
Women earn less than men: In 2020, women earned 84% of what men earned of both full- and part-time workers.
Women care for others: 35% of caregivers are women, and mothers are more likely to reduce their work hours or step away from employment to care for their children. Often, they provide care to other adult family members.
5 Steps to Create a Solid Start
Even though women face more significant risks and challenges in saving for retirement, there are essential components to retirement readiness that can help you put a more solid foundation in place as you prepare for retirement:
A Certified Financial Planner Can Help!
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Courtesy of Fresh Finance.