It is important for women to think about retirement planning once they reach adulthood (and before if possible). There are young women starting their own businesses and learning about investing long before they leave home to start their adult lives. However, don’t worry if you have given retirement little thought or if you have left that up to a spouse or relied on a family member because it is not too late to learn.
As Kiplinger.com points out, “ Nearly every woman will have sole responsibility for her finances at some stage in her life.”
If you are part of a couple, there is nothing wrong with uniting with a partner on retirement planning but keep in mind that for any number of reasons, you may need to take the reins on your own. And if you see yourself as perpetually single, you can’t predict that this won’t change and if it does, you will still need to protect yourself financially.
Last week, we discussed how one thing you can do to celebrate Women’s History Month is to look at the lives of women who are financial role models. You can learn from their examples even if you cannot implement everything they’ve done with their lives.
Tori Dunlap is a financial rockstar “ who has a full-time job and a side business, both in finance, was given financial literacy lessons from her parents from a young age. She wants to help women everywhere feel the same sense of empowerment her financial education gives her.” Dunlap started a business at the age of 9 and had her own checking and savings accounts a year later. MarketWatch profiled her in an article titled “This 24-year-old is on track to save $100,000 by age 25, and she has advice for other women who want to be rich.”
Dunlap is honest about her own privilege but advises against assuming you cannot do what others have done because of your background or debt. She says, “Having a good financial education is a woman’s best form of protest.”