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Top 3 Retirement Challenges for Women

March 5, 2024

One of the biggest financial challenges women often face is preparing for (and saving enough for) retirement. There are numerous reasons why these challenges exist, but through continued awareness and planning, those challenges can be minimized. While these aren’t all of the obstacles women can face, here are a few challenges to be aware of:

1. Longevity

On average, American women live five years longer than men and are frequently caregivers for their husbands in advanced age. They may not have anyone to provide help when they need it and, as a result, account for more than 70 percent of nursing home residents. In addition to potentially higher long-term care expenses, longer lives result in increased healthcare costs.

2. Pay gap

According to the most recent Census data from 2020, women still earn 82 cents for every $1 their male counterparts earn. Multiple reasons account for the disparities; one significant factor is the types of careers many women traditionally pursue.

3. Savings gap

Clearly, it’s harder to save when you earn less. Women are typically primary caregivers for children and aging parents – creating employment gaps in their careers. This not only impacts their personal savings and career advancement; it also affects their Social Security benefits.

The good news is that awareness of these challenges can help you gain knowledge, take control of your situation, and save and invest well. No matter your marital status, we can make sure you have the knowledge you need and a plan in place to address your unique challenges (and your desire for a more secure retirement). If you have any questions, please don’t hesitate to reach out. We are passionate about helping women feel better about their finances.

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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 Suite 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.