Published by Taylor Financial Group (for women)
In my opinion, confidence is one of the best qualities to radiate. I have deep confidence in the work I do, as well as the advice I give to my clients. Why wouldn’t I own all the wisdom and knowledge I have gathered over the years? That being said, I’ll be the first to admit there are some aspects of life where I don’t have complete assurance in myself. For example, my abilities as a cook – I have more confidence in my daughter preparing dinner than I do in myself. While my confidence does not shine in my kitchen, it does stand out in my work and in helping clients, especially women, plan for the ever-so-exciting event we call retirement. I want all women to be prepared and have assurance when it comes to their future.
So I ask myself, why are women beginning to save for retirement way later than men, when they are living longer than men? It simply doesn’t make sense. Only 72% of women are saving through a 401(k) plan compared to 80% of men. Women are continuously lagging in all aspects of retirement planning. Many women even guess their retirement savings needs, while men take action by using a calculator and worksheet to estimate their financial needs. A shockingly low 19% of women don’t even have a backup plan if forced into retirement earlier than expected, whether that be from health issues, family obligations, or another one of life’s unexpected events. As women, we need to take more action and not have total reliance on our spouses, or expect future Social Security income to support us.
Even more concerning, with women typically being the care takers of their children and elderly parents, it’s sometimes hard for a woman to have a full-time job. This is possibly why 1 in every 4 women only works part-time. The issue with that is that less than 50 % of women working part-time are offered a 401(k) plan or some other employer-sponsored retirement plan.
Think about this: How are you saving for retirement? Do you know how much you will need in retirement? Do you have an action plan if you must retire early? While women have made great strides and are taking control of their financial lives more and more, it is important that all women keep pushing and challenging themselves to find financial stability both now and in the future.
Don’t let retirement catch you off guard. Contact us today to discuss how we can help you take control of your finances now and prepare for retirement.
Sources:
ThinkAdvisor, 10 Alarming Facts About Women and Retirement Risks, March 9, 2017
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