In celebration of Women's History Month, it is essential to highlight the importance of financial planning specifically tailored for women. Despite progress in gender equality, women still face unique challenges when it comes to financial security. Financial planning can help make their future brighter and more secure.
One critical aspect that sets women apart in financial planning is their longer life expectancy compared to men. This longevity underscores the need for a solid financial plan that can sustain them through retirement and beyond. Women tend to outlive men by around 5 years in general. For those who are married, it can be a much longer period of up to 15 years. This alone means that women will need more savings and investments to carry them through their lives.
Historically, women have faced wage disparities and earned less than their male counterparts due to the gender pay gap. This further emphasizes the necessity for women to take charge of their financial future through proactive planning. Although the pay gap has improved, it can still range from 78% to 84% according to AAUW. By the way, March 12 is Women’s Equal Pay Day.
To kickstart effective financial planning, it is crucial for women to find a trusted advisor who understands their specific needs and goals. A knowledgeable advisor can help navigate complex financial decisions and create a customized plan tailored to individual circumstances. Women should consider working with a fee-only adviser that they know and trust and that is not conflicted by selling a specific investment product or taking a percentage of their assets. Ask questions about the advisor’s background, education, licensing, and how they are paid.
In today's digital age, technology offers valuable tools that can assist women in tracking their finances efficiently. From budgeting apps to investment platforms, leveraging technology can simplify the process of managing finances and staying on top of long-term goals.
When it comes to retirement planning, women should seek a comprehensive strategy that addresses factors such as longer life expectancy, potential healthcare costs, and ensuring a comfortable lifestyle post-retirement. A personalized retirement plan can provide peace of mind and ensure financial stability in later years.
By taking proactive steps towards financial planning, utilizing technology tools, and seeking expert guidance from trusted advisors, women can empower themselves financially and secure a stable future. Investing time and resources in comprehensive financial planning is a prudent investment in one's own well-being and independence.
As an independent CERTIFIED FINANCIAL PLANNER™, I can help you plan for your future and your goals. Contact me and let’s get started on a new goal whether it’s a savings plan, retirement plan, debt reduction, or something more specific. #talktometuesday #education #Hireaplanner #stressfree #savings #debtfree #budget #CFPPro #LetsMakeAPlan #women #womenshistorymonth