Maintaining a desired lifestyle during your working years may be challenging at times. However, looking ahead to 30 years of inflation, taxes, market ups-and-downs – and no paycheck, in retirement, requires another level of planning. Then, women retire with 2/3 the average money of men and are often:
- Living longer, often outliving a spouse – In fact, women live six to eight years longer. Would you believe women make up 80% of nursing home residents?
- Sandwiched between career, children and caregiver – Passing up promotions, working part-time or staying home altogether can cost women hundreds of thousands of dollars in compensation and lost Social Security benefits.
- Investing less and later, while earning less for the same job responsibilities – While there has been a lot of emphasis on the gender pay gap and gender work achievement gap, there is also, clearly, a gender investing gap. Women do not invest as much as men, which can can cost hundreds of thousands, or even millions, of dollars over the course of a lifetime.
Through careful financial life planning, she can achieve her goals and have the peace of mind she desires.