Published by Taylor Financial Group (for women)
It is great to see that women have been making substantial progress in fighting the gender gap. We are better educated than men (according to the U.S. Department of Education, women comprise more than 56% of students on campuses nationwide), and we have career opportunities that our grandmothers could only dream of. 1 However, women still encounter challenges, such as lower pay, time out of the workforce for parenting, and longer life expectancies, that make us uniquely vulnerable when planning for retirement. Only one in ten women are “very confident” that they will be able to retire comfortably, while more than 50% of women are “guessing” at the amount they will need to save in order to feel secure in retirement. 1 Women need to empower themselves and regain control of their lives by correctly preparing for their retirement. We help in this area by creating financial plans for our clients using our state of the art WealthMatch program, which reviews your income and assets to create reasonable retirement goals for our clients. Over the next 4 weeks, we will provide you with the tips and tricks to ensure you avoid some of retirement’s biggest pitfalls!
Week 1: Calculate your retirement savings needs
Unfortunately, women are far more likely to guess or estimate their savings needs for retirement than men are (56% vs 40%).1 This is a challenge because if you do not calculate exactly how much money you need, you could end up saving too little money for retirement. Therefore, it is important to calculate exactly how much money you need to save for retirement. At Taylor Financial Group, we use our state of the art WealthMatch software to analyze your income and expenses along with your assets and liabilities to create your current financial picture. Wealthmatch makes it easy to review your objectives and helps you see what adjustments can be made to better pursue your long-term goals. If you have any questions or concerns about your retirement plan, feel free to reach out to us at Taylor Financial Group so we can help you create a more positive financial future.
- 10 Alarming Facts about Women and Retirement Risks, ThinkAdvisor, 3/9/17
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