When planning for their financial futures, women often find themselves in very different circumstances than their male counterparts. Some key differences are that women:
Women are the key to their own financial futures. It's critical that women educate themselves about finances to make the best financial decisions. Like anyone else, women can benefit greatly from working with a financial professional who can help them understand their options.
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“Americans—women especially—aren’t getting the message that they need to start saving for retirement with their very first job,” says personal finance columnist Liz Weston, author of Deal With Your Debt.
As a working mom, whole weeks may go by without the chance to sit down or even think. You’re managing a career, making decisions for your family, and caring for kids and often parents, too.
It’s not easy, then, to hear about one more job that needs your immediate attention: retirement planning. But let’s just be blunt, women are almost twice as likely as men to wind up living below the poverty line during retirement.
Here are six tips to help you prepare for retirement:
Retirement savings should be one of your top priorities. If you think you can’t find the money, tell yourself you can’t afford not to.
“For women it’s critical because we are more likely to outlive our partners,” Weston says. “Falling behind early on is even worse for us I think, because we have to make that money last so much longer.”
Women’s tendency to care for others first “can compromise their families’ futures,” concludes Prudential’s Women & Money poll, a survey of women aged 25 to 65 in all income brackets. Putting children’s education first now could cause you to jeopardize their financial well-being if you have to depend on them when you are older.
You’ll need to boost your earnings with regular raises. For women, that can be a tricky process, says this New York Times article about navigating gender stereotypes to get ahead at work. Prepare yourself by:
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which course of action may be appropriate for you, consult your financial advisor.
Liz Weston is not affiliated with LPL Financial.
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