Locations in Arizona, Utah, and Oklahoma
1 (800) 838-3079
Women face a different challenge than their male counterparts; they are living longer and spending more time in retirement, but with less savings. Americans in general as a group face a shortfall in retirement savings, but women appear to be saving less than men (Employee Benefit Research Institute 2015 study). Why the shortfall? There is still a pay gap and women may face career interruptions due to raising children or taking care of family. Women also tend to save less during their earning years compared to men, regardless of pay. How can they overcome this?
Women should work with a financial advisor that factors their longevity, income, and retirement savings gap independently from a partner, regardless of marital status, etc. Their advisor should provide them with an accurate estimate of their gap and a plan to help close it. Additionally, the financial plan should include balancing monthly retirement savings contributions between partners so that there is an equalization of the woman’s retirement savings over time to the other partner’s savings. Build a financial plan that addresses the gap.
Dave Ramsey is one of America’s most trusted voice on money and business matters. He is a personal money-management expert, radio personality, and author of numerous books. We are excited to be part of the SmartVestor program because Dave’s beliefs about financial education and retirement planning are rooted in the same beliefs as Trajan Wealth. By having the heart of a teacher, and not of a salesman, we dedicate the time needed to listen to your goals and educate you on your investment options.
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