At American Financial Investments, LLC, we believe that retirement planning can be different for women than it is for men due to factors like longer life expectancies, the gender pay gap, less time in the workforce and higher health care expenses.
Although both men and women face challenges on the journey to retirement, an Investment News article states that women’s average earnings are about 21 percent lower than their male counterparts. Having a lower lifetime income means that their Social Security benefits and retirement account balances are likely smaller as well. Add to that the amount of time that they spend caregiving for children or parents, and women end up with about 42 percent less income in retirement than men, according to a Prudential Retirement report.
According to the Employee Benefits Security Administration of the Department of Labor, of the 63 million women working in the United States, only 44 percent are participating in a retirement plan. This means that less than half of women are taking basic steps to save for their golden years. When it comes to retirement planning, every small bit you store away can make a difference.
We are dedicated to providing you with personalized financial solutions and making sure that your needs and goals are put above anything else – regardless of gender. We are committed to helping you close the retirement income gap that you may face, whether it is due to time spent out of the workforce caring for your children or accounting for the cost of future health care costs you may encounter.
In a recent study by Prudential Financial, only one in five women felt that the financial services industry understood her needs. We want to assure you that we aren’t like the others. We won’t charge ridiculous fees or speak in industry jargon that leaves you feeling left in the dark – this is your retirement, after all.
While retirement planning can be different for women than it is for men, that doesn’t mean that women can’t reach the retirement they’ve been dreaming of. When you work with the right financial professional who can evaluate your unique financial situation and develop a plan tailored to you and your goals, you may be able to overcome any potential gender differences that you may face. QCBN
By Ronald Stevenson and Barbara Clark Stevenson
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