Women may face extra challenges in seeking financial security
Thursday, February 26, 2015 7:00 AM
On March 8, we observe International Women’s Day. Yet even here in the United States, women still encounter more obstacles than men in the pursuit of financial security. So if you are a woman — regardless of your marital status — you will need to be aware of these challenges and take steps to overcome them.
For example, women spend more time out of the workforce, which means they can accumulate less money in their retirement plans. So when you’re working, put in as much as you can afford to your 401(k) and IRA.
Also, women tend to rely more on Social Security for retirement income. To avoid becoming overly dependent on Social Security benefits, create a sustainable withdrawal strategy for all your investment accounts.
Finally, women are far more likely than men to need costly long-term care services, such as a stay in a nursing home. You’ll want to talk to a financial professional to prepare for these costs.
Be proactive in meeting the financial challenges facing you as a woman — because there’s actually a lot you can do.
This is Chris Cripe, your Edward Jones financial advisor located at 124 North Dixon Road, in the Dixon Square Plaza. (765) 452-2392. Member SIPC