How Financial Planning for Women Helps Grow Retirement Savings

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How Financial Planning for Women Helps Grow Retirement Savings

But even if you’ve thought about working with a financial advisor, misconceptions about how the process works might be holding you back. Read on for what you need to know about how working with a financial advisor could help give you the confidence boost you’ve been looking for.

The gap persists despite women’s increasing levels of education and even widens among higher-income workers. The gender wage gap has remained remarkably stubborn for decades and, inevitably, becomes a significant shortfall at retirement.

By featuring women’s stories, financial advisors can reflect and establish a connection with women within and outside their target audience. When an advisor embraces and shares stories from women of diverse demographics, and socioeconomic backgrounds, it can expand their reach and create awareness. Financial anxiety can impact other aspects of life, from relationships to careers, until it feels like money is the only thing on your mind.

Read more about women and investing basics here.

Savvy women understand the importance of efficient financial planning. Begin preparing for your future by making sound investments today. Don’t wait until you have extra money because that day may never come. Instead, examine your lifestyle to create a budget that supports your long-term goals.

However, I strongly believe it is important to keep a foot in the workforce. Automatic payments have become commonplace, so setting this up for your retirement accounts shouldn’t be hard.

Create a personal net worth statement to track your progress in growing your assets and overall net worth. Watching your net worth grow over time is empowering and can strengthen your commitment to financial independence.

Long-term care needs to be budgeted for, or long-term care insurance needs to be purchased.” Pinto advised. For example, does it make more sense to invest in the stock market or purchase an annuity? In order to make that decision, though, you need to know your long-term goals. Throughout this article, women who are on the road to a successful retirement share their valuable experience and advice. Here is a great chart from RBC that helps to visualize the benefits.

Get ongoing financial advice for women to build generational wealth and protect investments. Ask a financial advisor to share budgeting tips and teach you tricks to save more money. You can adjust the trajectory to suit your goals or create new objectives.

Follow these steps to manage your finances effectively and reduce financial anxiety. Despite these positives, McKinsey’s research shows women are less confident in their investment acumen and financial decision-making. Only a quarter of affluent women say they are comfortable making investment and savings-related decisions – 15  percentage points lower than their male counterparts. Some accounts will be better than others given your time frame. With a shorter period—say, within five years—you can consider accounts that offer little to no risk, such as savings accounts, money market accounts, or certificates of deposit (CDs). You can automatically contribute to your emergency fund every payday. You may feel tempted to invest your fund rather than keep it in a savings account where it earns little interest.

Merrill offers a broad range of brokerage, investment advisory (including financial planning) and other services. There are important differences between brokerage and investment advisory services, including the type of advice and assistance provided, the fees charged, and the rights and obligations of the parties. It is important to understand the differences, particularly when determining which service or services to select. For more information about these services and their differences, speak with your Merrill financial advisor.

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