Women must act to overcome financial challenges
Friday, March 17, 2017 1:04 PM
International Women’s Day, which was recently observed on March 8, celebrates the achievements of women. Yet, women still face many issues, including gender-specific obstacles to their financial goals. If you’re a woman, what can you do to get past these barriers?
First, recognize what you’re up against. For example, women tend to spend fewer years in the workforce, due to taking time off to care for young children and older parents. As a result, women may have much smaller retirement accounts than men.
So you need to act decisively. For starters, contribute as much as you can to your 401(k) or other employer-sponsored retirement plan, and boost your contributions whenever you get a raise. And contribute to an IRA, if you’re eligible.
Also, if you like your job, consider sticking with it a couple of years past when you thought you’d retire. You’ll continue building your retirement plan, and the added income may allow you to delay taking Social Security, which may lead to bigger benefit checks.
Making these and other moves can help you go a long way toward overcoming the special financial challenges faced by women.
This is Chris Cripe, your Edward Jones financial advisor located at 124 North Dixon Road, in the Dixon Square Plaza. (765) 452-2392.
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor.