Although retirement planning takes work for anyone, it may require more foresight for women.
Are you a millennial?
Are you a woman?
If yes, then the recent Business Wire article “Millennial Women Face Significant Gender Gap in Financial Wellness” applies to you and is worthy of your consideration.
The article recounts the findings in the "2016 Gender Gap in Financial Wellness Study."
The goal of this study was to gather numbers addressing how women leaving the workforce at various times will impact their retirement savings.
What were the findings?
The article addresses how men are typically more financially prepared for retirement than women, especially when you consider how women usually have a longer life expectancy.
How can women address this disparity?
Experts recommend women save nearly 12 percent of their income to prepare for their retirement.
If you take a break from your career, you will need to save even more.
On average, women who take a break early in their careers will find a retirement shortfall of about $1.3 million.
If you rear children, serve in charities or care for elderly parents, this likely applies to you.
Millennial women are particularly vulnerable; however, advanced planning and proactive savings will help.
So start now.
Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.
For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.
Reference: Business Wire (October 18, 2016) “Millennial Women Face Significant Gender Gap in Financial Wellness”