Women Are at a Disadvantage When It Comes to Retirement Planning
Married women are at a disadvantage when it comes to planning for one’s retirement. In general, husbands work throughout their adulthood and this allows the husband to steadily save in all areas of retirement, such as a 401 (k), Social Security, and individual portfolio savings accounts. Women, on the other hand, often take periodic breaks from working in order to care for children or elderly parents. Because the wife is not working as much and she will not have as much money invested in the Social Security benefits, she will receive a smaller benefit payout when it comes to retirement age.
In addition, since women generally live longer than men, taxes and expenses (such as rising healthcare costs) can eat away at a woman’s nest egg as she gets older. For women, in particular, it is a great idea to save enough to replace 100% percent of their income to maintain the same lifestyle, which is different than the 75% replacement costs, wealth management advisors suggest for male counterparts.
Taking this information into account, it is really important for women to receive the needed help from an experienced wealth advisor to offset the disadvantage of taking time off to care for others. An expert can show you how to invest in other avenues that are 'designed' to protect your future retirement security so you can enjoy your golden years. At Secure Planning Strategies, we believe we have the wealth advising expertise who have been protecting families for over 25 year and we are here to show you how to get things moving a suitable direction. Give us a call. Let us help you set-up your future protecting consultation today at: (248) 827-2580 or e-mail us at [email protected].