In light of the recent celebration of International Women’s Day, many ladies all over the globe are celebrating the many things that make them amazing. However, there are still some very big disadvantages to being a female. One of those disadvantages includes retirement savings.
Wage Gap
You often hear about the ridiculous differences in compensation that women receive when compared to their identical male counterparts. The Economic Policy Institute states that women currently earn a mere 84 cents on the dollar compared to men.
There is no doubt that this imbalance is unfair, but that does not change the current situation that women find themselves in. Less earnings result in a huge impact on the amount of money that women are able to earn through the course of their career, which means that they have to be even more careful when planning for retirement.
It is also very common for women to spend less time in the workforce, usually due to family obligations. Women often take time off to spend with their children right after they are born, which cuts several weeks of work out of their schedule and subsequently several weeks of pay.
Long Life Span
In general, women tend to live a longer lifespan than men. These added years of life require additional funding for a woman’s length of retirement. This is why the biggest concern facing retirees today is their fear of running out of money part way through retirement.
Cause For Concern
With less opportunity to earn income and more years of life to fund, women need to structure their retirement savings plan much differently than men. This is easier said than done. According to CNBC, the Transamerica Center for Retirement Studies claims that only 12% of women in the workforce are “very confident” that they will be able to retire comfortably.
All of these statistics can be overwhelming and alarming. Do not panic just yet. There are still several ways in which you can prepare for the type of retirement you truly desire. A few general tips, as suggest by Lorie Konish of CNBC, are as follows:
- Be Realistic About Social Security Benefits
- Do Not Underestimate How Much You WIll Need
- Be Strategic About Your Earning Power
- Work With Professionals Who See the Big Picture
Schedule Your Personal Strategy Session Today!
If you are concerned about your retirement savings, let the experts at CKS Summit Group help to put your mind at ease. Our skilled and experienced financial advisors will work directly with you to develop a comprehensive strategy for your retirement. We design, build, and manage custom retirement portfolios that are fully capable of simultaneously generating stable growth, increasing income, and preservation of principal throughout a client’s lifetime, with only limited downside market risk.
To contact CKS, please give us a call anytime at 586-286-5820 or schedule your personal strategy session online by clicking here. Thank you, and we look forward to optimizing your retirement savings strategy soon!
