Ladies, take charge of your finances!
Saving for the future can be difficult for anyone, and women especially as they often find themselves juggling multiple responsibilities. But don’t be discouraged! Try taking these four steps to feel more confident and prepared for the retirement you envision.
Step 1: Don’t wait to save.
Women have longer life expectancies than men.1 Make sure to plan for that longevity. Save more for retirement now so you may be able to fund extra years of retirement later. A good rule of thumb is to save at least 10% to 15% of your pay. Try increasing contributions by a little each year to see big changes in your total savings over time.
Step 2: Prioritize needs vs. wants.
We all have competing financial priorities, such as loans, housing payments, debt, and more. And then there’s the “pink tax.” Women’s goods and services tend to cost more than similar products for men.2 If you’re busy juggling these everyday financial priorities, you may feel like you can’t save more for retirement. So, what’s the solution? Try making a list of needs versus wants to find extra money to save.
Step 3: Check your account online.
With multiple responsibilities and limited time in the day, you may feel like you don’t have time for retirement planning. If you’re facing this challenge, try managing your account online for faster and easier access. It just takes a few minutes to log in from your desktop, tablet, or phone and review key account information. Consider checking your account balance once every quarter to see if you’re on the right track.
Step 4: Meet with a financial professional.
Your retirement plan representative can help you develop a plan to fit your unique situation, which may be especially helpful for women who lead busy lives. For example, women who provide care for aging relatives tend to feel more confident about making retirement-related decisions after meeting one-on-one with a financial professional.3
Take one step today!
Each of these steps can help bring you closer to a brighter future. So, take action! Save more, find extra ways to save, review your online account, or schedule a meeting with a financial representative.