Women Need Extra Help in Preparing for Retirement
Statistics show that women clearly have a number of disadvantages when it comes to saving for retirement. Not only do women earn less than men – about 79 cents for every dollar earned by a man in the same job – they also are much more likely to take off time during their peak earning years to care for children.
In fact, studies have shown that women retiring today have 13 years of missed income as well as a $300,000 income loss over the course of their careers due to the disparity in wages paid versus what men earn. Because of this, they receive less in Social Security and other retirement benefits. In fact, a woman’s average monthly Social Security benefit is currently $263 less than a man’s monthly benefit.
Women live longer, too, so their retirement savings must last longer.
Financial experts agree that women need to start financial planning early and stay on top of their finances. A spouse’s illness or divorce can wreak havoc with a woman’s finances, so engaging an estate planning attorney to help you create a plan that will protect and grow your assets is essential to a secure future.
For more information on retirement planning and estate planning for women, contact our Jacksonville estate planning law firm.
