208-664-8980

1875 N. Lakewood Dr.
Suite 102
Coeur d'Alene, ID 83814

Retirement Read Time: 2 min

Helpful Retirement Strategies for Women

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.

1. Caregiver.org, 2023
2. TRowePrice.com, March 13, 2023

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 FMG Suite.

 

Related Content

Dog Bites Neighbor. Now What?

Dog Bites Neighbor. Now What?

Even dogs have bad days. So, what happens when your dog bites a neighbor or passing pedestrian?

How the Federal Reserve Works

How the Federal Reserve Works

Each day, the Fed is behind the scenes supporting the economy and providing services to the U.S. financial system.

4 Elements of an Estate Strategy

4 Elements of an Estate Strategy

Learn about the importance of having an estate strategy in this helpful and informative video.

 

Have A Question About This Topic?







Thank you! Oops!

Prevent a Rift: Money Tips for Newlyweds

Couples may be able to head off many of the problems in a marriage that money can cause.

Five Most Overlooked Tax Deductions

Five overlooked tax deductions to help manage your tax bill.

Choices for Your 401(k) at a Former Employer

Individuals have three basic choices with the 401(k) account they accrued at a previous employer.

View all articles

What Is My Current Cash Flow?

Assess whether you are running “in the black” or “in the red” each month.

Saving for College

This calculator can help you estimate how much you should be saving for college.

Interested in a Fuel Efficient Car?

Estimate how many months it may take to recover the out-of-pocket costs when buying a more efficient vehicle.

View all calculators

Retirement Plan Detectives

A couple become Retirement Plan Detectives, searching records from old employers.

Bull and Bear Go To Market

Learn about the difference between bulls and bears—markets, that is!

How to Bake a Pie-R-A

Roth IRAs are tax-advantaged differently from traditional IRAs. Do you know how?

View all videos