Women and Retirement: Financial Freedom for Her

Retirement planning is always important, and it's especially crucial for women, who have a relatively high likelihood of living solo in retirement. These tips can help women retire with success.
Women face unique challenges when it comes to retirement. They overcome lingering effects of traditional gender roles, and they live longer than men. Both of those aspects can make it harder for women to live comfortably throughout retirement.
But women are smart long-term investors, and with planning, they may be able to improve their chances of financial security in retirement.
Because women historically have lower earnings than men, as well as the fact that they might take pauses from the workforce, women can face headwinds when accumulating assets. That might explain, in part, a study from Vanguard showing that men's account balances were 50% higher than women's.
Lower lifetime earnings also lead to lower Social Security and pension payments. As a result, women would expect to receive less retirement income than men, all other things being equal.
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Still, there are steps women can take to overcome these unfortunate challenges. Making a plan is one of the first steps, and it can result in higher levels of financial confidence and healthy financial habits that improve your outcome.
In this video, we'll briefly discuss what issues women face. Then, we'll get into several tips that can help women plan for retirement. The gender wage gap is an issue, but it doesn't necessarily derail the prospects of a comfortable retirement for women.
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Justin Pritchard, CFP® is a fee-only fiduciary advisor who can work with clients in Colorado and most other states.
CHAPTERS:
00:00 Intro
00:39 Longevity and Women
01:30 The Wage Gap: Retirement Savings & Social Security
03:25 Involvement in Household Finances
04:04 Make a Plan for Confidence and Strategies
04:41 Get Involved (Whether You Manage Things or Not)
05:44 Evaluate Your Investment Risk
06:48 Don't Leave Money on the Table (Spousal/Ex/Widow Benefits)
08:20 Long-Term Care and Women
09:19 Maximize Your Income (For Savings and Benefits)
09:54 Wrap Up
Important:
Always consult with a CPA before making decisions or filing a return. This information may have errors or omissions, may be outdated, or may not be applicable to your situation. Approach Financial, Inc. is registered as an investment adviser in the state of Colorado and is licensed to do business in any state where registered or otherwise exempt from registration.
It's impossible to cover every detail and topic in a video like this. You need more information, so please consult with a professional who is familiar with your circumstances. This is general information and entertainment, not specific advice.
Always consult with a CPA before making decisions or filing a return. Verify with your plan administrator and a financial professional who is familiar with your individual circumstances. This information may have errors or omissions, may be outdated, or may not be applicable to your situation. Approach Financial, Inc. is registered as an investment adviser in the state of Colorado and is licensed to do business in any state where registered or otherwise exempt from registration. Justin Pritchard, CFP® is a fee-only fiduciary advisor.

[@FindingFinancialFreedom]

Great video this is so important! I think the earlier you start contributing towards your retirement the better to take full advantage of compounding interest!

[@ApproachFinancial]

Yes, time is certainly your friend when planning for retirement! And even those who are not "young" might still have many years left ahead of them. Thanks!