Retirement Strategies for Women – Women’s History Month

Preparing for retirement can look a little different for women than it does for men.

Although stereotypes are changing, women are still more likely to serve as caretakers, meaning they may accumulate less income and benefits during their lifetime, due to time away from the workforce.  One study estimates that 66% of caregivers are women.  Women who are working also tend to put less money aside for retirement.  According to one report, women contribute 43% less to their retirement accounts than men. (1,2)

Don’t let these numbers feel overwhelming.  Put this information to good use, and start taking steps that could benefit you in the long run.

Here are three steps for women to consider that may put them ahead of the curve.

1. Talk about money.
Nowadays, discussing money is less taboo than it used to be, and it is a crucial step in the right direction when taking control of your financial future.  If you are single, consider writing down your retirement goals and keeping them easily accessible for review, as a reminder, and to stay on track.  If you have a partner, make sure you are both on the same page regarding your retirement goals.  The more comfortably you can talk about your finances and future, the more confident you will feel when it comes time to make an important financial decision.

2. Be proactive about your retirement.
Do you have clear, defined goals for retirement?  What does retirement look like to you?  Do you know where your retirement accounts stand today?  Being proactive with your retirement accounts allows you to create a well-informed roadmap toward retirement.  Setting retirement goals may also help you adapt when “life happens,” allowing you to keep moving forward in your financial journey, regardless of things like relationship status or market fluctuations.

3. Make room for your future in your budget.
The same way you would adjust your budget to save for a new home or your dream vacation, you may also want to adjust your budget to allow for retirement savings.  It could make all the difference to your financial future.

When reviewing your financial goals, lay them all out together – home, vacation, car, college tuition, retirement, and everything else you want or need.  This ensures you are not neglecting one, to accomplish another.  And don’t forget, you may need a different home or car, or have a new dream-vacation in mind, when you reach retirement.  Budgets are not set in stone.  So it is with careful and regular review of your financial and retirement goals, that you, too, can stay on track to ensure every dream is realized.

No matter what your retirement path looks like, with the right strategies and support, you will be able to live the retired life you have always dreamed of.

–  –  –  –  –

This blog is intended for general informational purposes, and should not be taken as strategy or advice by ATLAS Lifestyle Planning Group (ATLAS LPG).  ATLAS LPG encourages all individuals to consult their financial professional about these or other matters which concern their personal finances or financial strategy.  If you do not have a financial advisor, or feel you may benefit from seeking the advice of a different financial advisor, please do not hesitate to reach out directly to your ATLAS office, or contact us HERE.  Your ATLAS LPG Team is always ready and happy to help, whatever your needs may be!

 Investment advisory services offered through ATLAS Lifestyle Planning Group (ATLAS LPG), a Registered Investment Advisor.  ATLAS LPG will only provide investment advisory services in jurisdictions where it is registered as an investment adviser or exempt from registration.  Insurance and annuities offered through ATLAS Risk Management Group (ATLAS RMG) CA License # 0M41231.  ATLAS LPG and ATLAS RMG are separate entities and neither provides legal or tax advice.

Citations:
(1)  Caregiver.org, 2023
(2)  TRowePrice.com, March 13, 2023

* The information found in this article is used with permission, Copyright FMG Suite.