08 Nov The Unique Issues Faced by Women In Retirement (and How to Prevent Them)
Retirement is difficult for almost everyone- however, women especially often face unique issues that can become major roadblocks during their golden years. Fortunately, with some preparation and careful planning, you can achieve a worry-free retirement, regardless of any obstacles.
What are the unique issues women in retirement are facing?
One issue that many women unfortunately still face in this day and age is the gender pay gap in retirement. On average, women still make 78 cents to every dollar a male earns. This has an especially big impact on retirement, since women on average earn $418,800 less over 40 working years, according to the National Women’s Law Center.
In addition, this gender pay gap is often exacerbated by other issues. Statistically, women are more likely to leave and re-enter the workforce, which can further affect their earning potential. In addition, women live longer on average, which creates a greater need to stretch their retirement savings.
How can you prevent these problems faced by women in retirement?
By saving early and often, you can enjoy the benefits of more time for your wealth to grow and earn compound interest. This can help bridge the pay gap in retirement and ensure you have enough invested for the entirety of your golden years.
If you’re utilizing a financial advisor to prep for retirement, it’s beneficial to have one who create a unique investment plan based on your needs and issues, rather than investing based on rules of thumb. Unfortunately, much of Wall Street will invest based on general guidelines (or their own self-interests), and often ignore the unique issues faced by women in retirement. As I’ve said before, I highly recommend a fiduciary advisor, who is legally required to act in your best interests.
Want to learn more about how to prevent the issues women in retirement face?
At LexION Capital, we’re entirely woman-owned and run, and we provide individualized, custom portfolios that account for any unique issues or needs you may face. If you’d like to learn more about how we can help you reach a worry-free retirement, don’t hesitate to have a conversation with us today.