Retirement planning isn’t always the same for men and women, but there are tasks women can do to protect their futures
A woman’s earnings not only affect her current expenses, but also her future savings, Social Security benefits and overall comfort in retirement — a stagnant gender wage gap doesn’t help at all.
“They have to be extra vigilant in terms of saving,” said Stephanie Richman, a certified financial planner and regional director at EP Wealth Advisors. Less money in a paycheck could mean a lower Social Security benefit, less in a 401 from employee and employer contributions and not as much cash to save elsewhere for the future. Women also tend to live longer than men, so they have to stretch those savings to last their lifetimes.
As part of this planning, review insurance options and think about long-term care, such as home health aides, nursing homes or assisted-living facilities. Medicare does not cover most of those costs, which is why some people opt for long-term care insurance . A separate, liquid emergency account is also beneficial to have, so that retirement assets can continue to grow as long as possible.There are so many potential situations that can derail a woman’s retirement, such as a divorce or a death in the family. When making any decision, think of the possibilities — good and bad — and plan for them, said Kassi Fetters, a certified financial planner and owner of Artica Financial Services.
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