Preparing for retirement can look a little different for women than it does for men. Although stereotypes are changing, women are still more likely to serve as caretakers than men are, meaning they may accumulate less income and benefits due to their time absent from the workforce. One study estimates that 66% of caregivers are women. Women who are working also tend to put less money aside for retirement. According to one report, women contribute 43% less to their retirement accounts than men.1,2
These numbers may seem overwhelming, but with a little foresight, you can start taking steps now that may help you in the long run. Here are three steps to consider that may put you ahead of the curve.
1. Talk about money.
Nowadays, discussing money is less taboo than it’s been in the past, and it’s crucial to taking control of your financial future. If you’re single, consider writing down your retirement goals and keeping them readily accessible. If you have a partner, make sure you are both on the same page regarding your retirement goals. The more comfortably you can talk about your future, the more confident you may be to make important decisions when they come up.
2. Be proactive about your retirement.
Do you have clear, defined goals for what you want your retirement to look like? And do you know where your retirement accounts stand today? Being proactive with your retirement accounts allows you to create a goal-oriented roadmap. It may also help you adapt when necessary and continue your journey regardless of things like relationship status or market fluctuations.
3. Make room for your future in your budget.
Adjust your budget to allow for retirement savings, just as you would for a new home or your dream vacation. Like any of your other financial goals, you may find it beneficial to review your retirement goals on a regular basis to make sure you’re on track.
Retirement may look a little different for women, but with the right strategies – and support – you’ll be able to live the retirement you’ve always dreamed of.
Rich Ramsay may be reached at 651-429-3151 or rich@ramsaywealth.com.
Sources:
1. Caregiver.org, 2023
2. TRowePrice.com, March 13, 2023
This article is for informational purposes only and is not a replacement for real-life advice, so make sure to consult your tax, legal, and accounting professionals before modifying your investment strategy for tax considerations.
1. Diversification and portfolio optimization calculations are approaches to help manage investment risk. They do not eliminate the risk of loss if security prices decline.
2. Keep in mind that the return and principal value of security prices will fluctuate as market conditions change. And securities, when sold, may be worth more or less than their original cost. Past performance does not guarantee future results. Individuals cannot invest directly in an index.
The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG, LLC, is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright 2023 FMG Suite.
Securities offered through JW Cole Financial, Inc. (JWC) Member FINRA/SIPC. Advisory services offered through JW Cole Advisors, Inc. (JWCA). Ramsay Wealth Management and JWC/JWCA are unaffiliated entities.
News
- News
- Tax Deductions Gone in 2018
- Avoiding the Cybercrooks
- What Do You Have in Reserve for 2018?
- The Medical Expense Deduction in 2018
- The Backdoor Roth IRA
- How New Tax Laws Affect Small Businesses
- Watch for These Insurance Blind Spots
- Tax Changes Around the Home
- Why the U.S. Might Be Less Affected by a Trade War
- Debunking a Few Popular Retirement Myths
- Searching for Health Coverage in the Years Before Medicare
- Is Generation X Preparing Adequately for Retirement?
- A Retirement Fact Sheet
- When a Family Member Dies
- Section 199A Business Tax Deductions
- Certain Uncertainties in Retirement
- Retirement Now vs. Retirement Then
- The Chapters of Retirement
- Three Key Questions to Answer Before Taking Social Security
- Retiring Single
- Eight Mistakes That Can Upend Your Retirement
- Why Having a Financial Professional Matters
- Retirement Wellness
- Systematic Withdrawal Strategies
- Measuring the Value of a Financial Advisor
- Debunking Common Retirement Assumptions
- Tax Considerations for Retirees
- Key Provisions of the CARES Act
- A Stock Market Lesson to Remember
- Eldercare Choices in the COVID-19 Era
- Before You Claim Social Security
- A Checklist for When a Spouse or Parent Passes
- Why Medicare Should Be Part of Your Retirement Strategy
- Year-End Estate Strategies
- The Social Security Administration Announces 2021 COLA
- 2021 Limits for IRAs, 401(k)s and More
- Building a Healthy Financial Foundation
- Earnings Season Gets Underway
- Tax Efficiency in Retirement
- Paying for the Infrastructure Bill
- 2021 Retirement Confidence Survey
- A COLA with Your Social Security?
- Conducting Your Mid-Year Financial Checkup
- A 6.1% Bump in Social Security?
- 401(k) Millionaires
- The Social Security Administration Announces 2022 COLA
- Wise Decisions with Retirement in Mind
- Fed Chair Changes His Tune
- Outlook for 2022
- Retirement Preparation Mistakes
- Getting (Mentally) Ready to Retire
- Are You Retiring Within the Next 5 Years?
- The Retirement Reality Check
- Rehearsing for Retirement
- Creating a Retirement Strategy
- Required Minimum Distributions 101
- 5 Retirement Concerns Too Often Overlooked
- Should We Reconsider What “Retirement” Means?
- End-of-the-Year Money Moves
- New Retirement Contribution Limits for 2023
- Managing Probate When Setting Up Your Estate
- What Happens When There Are No Beneficiaries
- Couples Retiring on the Same Page
- 9 Facts About Social Security
- Eight Mistakes That Can Upend Your Retirement
- Healthcare Costs in Retirement
- Navigating Retirement Pitfalls
- Does Your Portfolio Fit Your Retirement Lifestyle?
- Helpful Retirement Strategies for Women
- Orchestrating Your Retirement Accounts
- Important Birthdays Over 50
- Social Security: Five Facts You Need to Know
- How Will Working Affect Social Security Benefits?
- Women and Wealth: A Pivot Towards Retirement
- Immediate vs. Deferred Annuities
- How Retirement Spending Changes with Time
- The A, B, C, & D of Medicare
- Understanding Money Market Funds
- Glossary
- White Papers
- Blog