Retirement – the day you finally call it a career. For some, that day may feel distant. Still, time has a funny way of speeding up as we navigate our personal and professional days. Let’s make sure you’re ready when the big day finally comes! One of the biggest financial challenges along your road to retirement is making sure you’ve saved enough money to last throughout retirement. Perseverance and prudent planning can help you feel more confident about the future. Still, as a women investor, you’re faced with additional challenges. It’s important to understand these challenges and factor them into your plan:
Longevity: On average, American women live nearly six years longer than men. Many serve as the caregiver for their husbands or loved ones in their later years. Conversely, many women don’t have anyone to help them when they need it — which is why women make up more than 70 percent of nursing home residents. To worsen the issue, living longer usually translates to increased healthcare costs and higher long-term care expenses – especially if you’re solo.
Pay gap: According to recent pay equity data for 2024, women earn 84 cents for every $1 their male counterparts earn. It’s just math: if you make less, it’s harder to save more.
Savings gap: Historically, women serve as the primary caregivers for children and aging parents. Playing this role widens the pay gap between men and women and creates employment gaps in their careers. This has the triple effect of hampering personal savings accumulation, career momentum, and, potentially, Social Security benefits.
What can you do? Having an awareness of these challenges can help you take control of your situation and improve the likelihood of meeting your retirement needs. Let’s work together to help you feel better about your financial future. We can make sure you have the knowledge and plan you need to address your unique circumstances and prepare to conquer those retirement challenges. If you have any questions, please don’t hesitate to reach out.
1. FastStats – Life Expectancy
2. 25 Insightful Nursing Home Statistics [2023]: Residents, Locations, And Long-Term
Care – Zippia