If you’re a single woman, most of your financial challenges and aspirations may resemble those of single men. Men and women face the same economic stress factors of modern life, and both groups have similar financial goals, such as the ability to retire comfortably. But women still face specific obstacles. You need to be aware of these challenges – and do everything you can to overcome them.
Wage Gap
For example, women still face a wage gap. In 2017, women earned 82% of what men earned, according to the Pew Research Center. However, the wage gap narrows among younger workers, and may even disappear for highly educated women, especially those in the STEM fields – science, technology, engineering, and mathematics.
Another financial concern for women is their role as caregivers. Women spend an average of 12 years out of the workforce to care for children, elderly relatives, and even friends, according to an estimate by the Social Security Administration. Other studies report different figures, but all the evidence points to women being the ones who take time off from work to care for loved ones. This means fewer contributions to Social Security, 401(k)s and other retirement plans.
Faced with these and other issues, what can you do to help yourself move toward your important goals?
Four Steps To Plan For Retirement:
• Develop good financial habits.
Establishing good financial habits can pay off for you throughout your lifetime.
Three Important Financial Habits:
1. Maintain a budget
2. Keep your debt under control
3. Set aside money for a “rainy day” expenses
• Take advantage of available opportunities.
If you work for an organization offering a 401(k) or