Whether you are single, married, divorced or widowed, if you are a woman, you face a challenge in planning for retirement.
Women too often neglect to take full advantage of their options for retirement planning. Fewer than half of women
participate in employers’ retirement plans and if you are married, expecting to rely on a spouse is not a dependable approach to retirement.
However, this is starting to change. As more and more women are taking control of their finances by choice or by necessity, the mission of Clarity Financial Planning is to provide the guidance these women need to create the future they want while protecting themselves and their families.
Women are much more likely than men to be managing on their own in their golden years. What are some steps women can take to ensure that those years are free from worry and deprivation?
Did you know that Social Security benefits are computed over the span of a work life assume to be 35 years…and that women average 27 years in the workforce? It’s crucial for women to start saving early, given their average longer life spans, shorter work lives and lower overall earnings.
Earning women who don’t belong to an employer-sponsored retirement plan and non-earning women married to earning spouses should consider contributing to their own IRA.
Women do have some advantages over men in facing their later years. Their sense of identity is less likely to be bound up in their work and they are more apt to have a variety of support systems. Remember, retirement is about the time we have at our disposal, as well as the money in our accounts. Savvy planning can help women, and those they care about, make the most of both.
Contact Claire to learn more about holistic financial decision making and financial planning.