Here's how the gender income gap impacts women’s retirement:
“Women can find ways to reduce their debt and establish a positive credit history,” says Azeles. The less debt women carry, the more money they’ll have available to save towards retirement. Better credit scores also mean lower borrowing costs and more options when women need to borrow money.
Beyond learning from workplace retirement plan education, women can actively seek out mentors to guide them professionally and financially. Having a mentor can boost a woman’s confidence levels, encouraging her to ask for higher salaries and better benefits packages. Higher compensation can help close the gender pay gap earlier in life and deliver increased savings throughout a woman’s lifetime.
“If a woman thinks she has what it takes to be self-employed, there are lots of mentor groups for the specific industry she is interested in,” Owens says. “Hopefully, you will have good help from someone who took the plunge before you and is willing to share their secret sauce for success.”According to the American Psychological Association, 40% to 50% of marriages in the U.S. end in divorce.
“Under all state laws, a pension earned during a marriage is a shared asset, but those assets aren’t automatically divided,” she says. When a woman receives her fair share of her spouse’s retirement assets, she can close the gender pay gap and acquire assets that can make up for the time she took out of the workforce for caregiving. Those assets can also help fill the savings gap created by years she didn’t contribute to an employer-sponsored retirement plan.
These policies provide greater flexibility than LTC insurance. Plus, you can use up to $100,000 of deferred contribution retirement funds to buy a deferred fixed annuity, with taxes on the withdrawal deferred until the annuity pays out.Regardless of whether women have the means to access additional insurance to provide for care, the NIRS study demonstrates that women of all income levels have to take a more proactive approach to planning related to caregiving.
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