Women's History Month recognizes the many historic advances females have contributed across all fields in our society.
As we take time to reflect on these important accomplishments, it's also an ideal time to address female financial inequality and advocate for women's efforts to be rewarded as well as their male counterparts.
While women have been—and continue to be—fearless leaders and innovators, they've historically earned less and have
- Women ages 45 to 64 are typically paid only 72 cents for every dollar paid to a man; younger women make less too – 91 cents on the dollar.1
- The average American woman must save $1.25 for every $1 a man invests in retirement savings to build an equivalent nest egg.2
- Women, on average, earn 76% of what men earn, resulting in an average lifetime earnings differential of $250,000.3
Women face unique challenges, including:
- Many women in the “sandwich generation” are caught in the middle caring for aging parents, children and other family members.
When it comes to saving for health-care costs in retirement, women need to set aside more—almost 20% more, on average—to cover their medical bills in the final years of their lives.4
- Women generally have a longer life expectancy and outlive men by an average of 5 years5, so Social Security and pensions may not provide enough to last throughout a woman's final years
- Life events such as divorce and widowhood have a more pronounced impact on women than men.6
Women make up nearly half of the total U.S. workforce7 and 44% of women are the primary breadwinners in their households8, so the trend is looking brighter for the rising financial power of women.
As political and societal shifts continue to work toward women's financial equality, it's crucial for women — and the men that have mothers, wives, daughters, girlfriends, aunts, friends, and other females in their lives that deserve their support — to take control of their own financial future.
I am always here to help you and your loved ones develop strategies for retirement, investing, and creating a safety net for wherever life takes you.
Give us a call today at 305-751-8855 for advice so you can dream big and live fearlessly as you continue striving to make history.
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1 Source: US News & World Report, “Shortchanging Women”, April 4, 2017
2 Source: PlanAdvisor.com, “Gender Pay Gap Affects Women’s Retirement Savings,” January 18, 2017
3 Source: A Secure Life.com, “Women and Investing Statistics: Why More Women Should Plan for Retirement,” February 3, 2017.
4 Source: MarketWatch.com, The Wall Street Journal, “Why women pay 20% more for health care in retirement,” December 7, 2016
5 Source: World Economic Forum, March 2017
6 Source: Women’s Institute for a Secure Retirement.com, “Widows and Widowhood,” 2017
7 Source: U.S. Department of Labor Blog, “12 Stats about Working Women,” March 1, 2017.
8 Source: CNBC.com, “For women, retirement can be a serious challenge, January 19, 2017