Women and Wealth
We've come a long way but have a long road ahead to reach pay equity. The subject of women and wealth is a loaded subject but I'm going to briefly focus on retirement planning on this International Women's Day.
Women face greater retirement-related risks than men – and the pandemic has made women even more vulnerable. Many have experienced employment-related impacts, such as leaving the workforce for parenting or caregiving responsibilities, being laid off, or having work hours reduced. Although short-term priorities may need to take precedence, it is important for women to keep the future and retirement in mind.
Financial Strategy for Retirement
Every woman needs her own retirement strategy to plan for retirement income needs, costs and expenses, and risk factors. However, only less than one in four women (24 percent) have a written retirement strategy, which is significantly fewer than the 38 percent reported by men. Both women and men are similarly likely to have an unwritten plan (43 percent and 44 percent, respectively). Of concern, one third (33 percent) of women do not have any strategy at all, which is significantly more than the 18 percent of men.
We're Here to Help
Step 1 is to assess your current financial situation and build a plan that includes saving for retirement. Starting early and saving consistently can make a huge difference. If you need help getting started, please reach out. You can schedule a meeting right from our website homepage. Click "Schedule with Suzanne" to get the ball rolling on a better future for you and the next generation of women.