On March 8, we observe International Women’s Day. This year’s theme is “Press for Progress” – but women still face barriers to their financial progress.
For one thing, there’s still a pay gap between women and men. Also, women take more time out of the workforce to care for their families – which means they may have lower balances in their retirement accounts and receive less Social Security.
If you’re a woman, how can you deal with these challenges?
For starters, contribute as much as you can afford to your 401(k) or similar plan, and increase your contributions whenever your salary goes up.
Also, consider growth-oriented investments that meet your risk tolerance and time horizon.
And think of ways to maximize your Social Security. For example, you may be eligible for Social Security benefits based on your spouse’s earnings and Social Security record. This could be helpful if your spouse has been the higher earner. Consult with your tax advisor before making any moves.
As a woman, you face special financial challenges – and striving to overcome them will be a lifelong activity. But it’s worth the effort.
You can contact Joey at 1940 N. Jackson St., Suite 140, here in Tullahoma. 931-454-2435 or visit www.edwardjones.com.