Saving enough money for retirement is a challenge for all, but it can be particularly difficult for women. There can be a number of reasons for this, but a few of the more common reasons include:
Longevity: On average, American women live five years longer than men and are frequently caregivers for their husbands in advanced age. They may not have anyone to provide help when they need it and as a result, account for more than 70 percent of nursing home residents. In addition to potentially greater long-term care expenses, longer lives result in increased healthcare costs.
Pay gap: According to the most recent Census data from 2018, women still earn 82 cents for every $1 their male counterparts earn. Multiple reasons account for the disparities, but it is harder to save when you earn less.
Employment gaps: Women are typically primary caregivers for children and aging parents – often creating employment gaps in their careers. This not only impacts their personal savings and career advancement; it also affects their Social Security benefits.
The good news is, an awareness of these challenges can help you gain knowledge, take control of your situation, and save and invest well. We can provide guidance to address your unique challenges and plan for a more secure retirement. If you have any questions, please don’t hesitate to reach out.