Women today are navigating a maze of to-dos.
We run the household day-to-day and coordinate vacations, the activities of our kids, our spouses, and at some point, often our parents – all while balancing careers and aspiring to stop and smell the roses along the way.
It’s easy to allow retirement planning to slide to the back burner.
Unfortunately, as women, we face unique challenges in preparing for long-term financial security and the retirement lifestyle we desire. Small decisions we make now can have a life-changing impact on our financial future, so taking control today is crucial.
While we’ve made great strides in equality over the last century, women must be vigilant in building their retirement nest eggs. Women earned an average of 85% of what men earned in 2024*. Couple that lower pay with an increased likelihood that we’ll take a career break to care for children or family members, and we’ve got an uphill battle.
And keep in mind: not only are savings influenced, but Social Security benefits are directly impacted by wages and years in the work force.
Women tend to outlive men, so we’re preparing for an even longer period in retirement – typically at ages when healthcare costs can be significant. According to the National Center for Health Statistics, a women’s life expectancy is roughly five years longer than her male counterpart’s.
Women are inclined to put others’ needs ahead of their own. While I commend the selfless behavior that comes naturally to many women, this is an area where I encourage you to put your future-self first and don’t delay.
Pay yourself first. Take advantage of the power of compounding growth. If we wait for the time when it’s easy, or when there are leftovers, the years will pass by. The key is consistency. Saving, no matter the amount, is a powerful step forward. What you do today has the power to open doors of opportunity for the future.
Feeling intimidated or unsure where to begin? Partnering with a financial planner could be the right move – a trusted advisor equipped to guide you through life's stages and challenges. By understanding your goals and priorities, they can help you develop a financial strategy that balances today’s needs with what you desire down the road and help you identify the strengths and weaknesses in your financial situation to ensure you're prepared for the unexpected.
It's never too soon or too late to get started. With a solid plan and the right habits, you can navigate the unique challenges women face in achieving a successful retirement and financial wellness. Choose to make your finances a priority today, and your future self will thank you.
By Jill Israel, MBA, CFP® AIF®, CRC®, CPFA
Financial Advisor
*“Gender pay gap in U.S. has narrowed slightly over 2 decades,” Pew Research Center, March 4, 2025
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