Save Up For Retirement because your future self will thank you for it. Today’s women are more career-oriented, better educated, and earn opportunities more frequently than previous generations. Despite the progress and acceptance, women are struggling to save money and make their viable plans for retirement attainable.
Though it’s an ignored notion, women need more viable and practical retirement financial plans, as statistically, they live more than men.
The data shows that women live longer than men. Social and financial security is more of a struggle. To save more or to make more women need to work harder than men for the same results. These are some of the reasons why women should think about their viable monetary retirement plans.
Why Save Up For Retirement?
2.3 million women have lost their jobs since the start of the pandemic.
Generally, women spend carefully and see the upcoming expenses meticulously. Even though women are good savers, they lag behind men in the race of savings.
The socio-cultural, financial illiteracy, disproportionate gender gap, financial needs of families, and underpaid salaries are some of the constraining factors why women lag behind men in terms of retirement and savings. People in general and women in specific should be aware of the importance of savings for older age and in times of need.
How To Save Up For Retirement?
A simple formula for savings is that when you earn well you can save well.
Even after going against the odds and fighting her social and cultural issues, a woman continues to walk the path of economic empowerment. Even when she is underpaid. Being underpaid contributes to one of the significant factors why women are left with no or few savings.
To understand it better, the Bureau of Labor and Statistics revealed that women’s annual earnings are 82.3% of men’s earnings.
Facts about women and retirement
19% of the women have no savings after their retirement.
14% are unaware of their financial status or how much money they have.
65% of women are under financial debt and prioritize it.
49% of women prioritize saving for retirement.
61% of women are offered employer-funded retirement or 401(k) plans.
30% work part-time and have no workplace retirement benefits.
Women can take control of their retirement.
Despite many perils and hurdles, a woman can take control of her retirement plans and optimize her savings. Small steps taken together can make a great deal for you, provided you start to act now.
How to devise a retirement strategy
Planning and road mapping the strategy for your retirement is the foremost rule. Plan and divide your short-term, midterm, and long-term goals, and envision your future accordingly. Formulate a strategy for how much you need to save to meet your goal, be sure to make a realistic goal. Include your outside savings and all financial activities so that you can hold yourself accountable for the loss and gain.
Start writing your goal plans and strategy; it has a long-lasting and more effective impact than the unwritten ones.
42% of women have an unwritten strategy, while 15% have written a retirement strategy.
Participate in retirement plans and workplace benefits
Seek employer-funded plans such as 401 (k) plans to help you get great savings.
Participate in employer-funded retirement plans. Take full advantage of employer-funded contributions.
Take a financial advisor on board.
47% of women, as compared to 33% of men, use financial advisory help. Professional help in money matters helps you achieve your financial goals, save money, get rid of your mortgage, and assure you of a plan that suits your financial circumstances. Even online financial help is available. The online ones are easily accessible, reasonable, and are more than investment management for your money.
Take a risk to invest and save more.
Investment opens avenues to earn more and, therefore, to save more. Keep yourself educated and aware of the new business ideas and investing trends. Make your head in it. Women are good and quick adaptors to the changing of time. Despite the fact that there is less presence of women in digital trading. According to a brokerage study, only 15% of women are bitcoin traders.
The Bottom Line
Women have always been fighting for basic rights. The right to vote, the right to a job, the right to education, and the list goes on. It has been our gender-based right to fight to achieve our rights!
However, initially, all the notions were alien to the world, but women did it. Similarly, the retirement plan, savings, and ideas to save and earn more are less talked about in the women’s community.
Savings is everyone’s need, and no gender is exempted from the problems after retirement.
Start working towards your financial goals, try to earn exchangeable assets, and work as long as you can to keep your energy and money flowing. And yes, you must talk about it with your friends and circle so that the subject is no longer an anomaly for women to think about.
The more we talk about it, the more other women will think about it.
Only 14% of women frequently discuss planning for retirement, saving, and investment with the family and fellows.
It is to be noted that the data and statistics we have referred to are from economically independent women while the figures are otherwise from women with no economic independence.
Authored by Afsheen Khan
Edited by Yara Fakhoury
“Fujn fuses learning with earning in a fun way. Fujn is made by women for women. Ladies, dare to reimagine your possibilities! Check us out at www.Fujn.us, Fusion spelled F. U. J. N.”