📌 As women, we face financial challenges that make proactive planning essential. Three major hurdles include:
🔨 Earning Less/Career Breaks: The gender wage gap and time out of the workforce for caregiving leads to lower lifetime earnings and less retirement savings accumulated
🔑 Longer Life Expectancy: Women live around 5 years longer than men on average. This makes it critical to have enough savings stockpiled to cover extended retirement years.
🔨 Rising Health Costs: With longer lives comes increased medical expenses, including costs for potential long-term care that Medicare won't cover
💡💡💡 To overcome these obstacles, strategies include 🔑maxing out retirement accounts, 🔑delaying Social Security for higher benefits, 🔑opening spousal IRAs, c🔑overing future health costs through insurance/HSAs, and working with a financial advisor 🚦🚦🚦
At key life moments like divorce or widowhood, reassessing your financial plan is crucial. An advisor who truly understands your needs as a woman can create a tailored wealth plan to bridge potential savings gaps and ensure you have enough to live comfortably for your lifetime.
The challenges are real, but overcoming them is very achievable with the right preparation and guidance. I'm here to support women on this journey. Reach out to discuss proactive steps for your financial empowerment.
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