Women are taking a greater role in household money matters, according to a new report by Allianz Life. But despite this, many women face the prospect of an underfunded retirement.
In the study, 51% of women said they are the “chief financial officer” of their household. When it came to managing finances, 53% said they hold “a great deal of responsibility” or “all of it.”
Nevertheless, signs indicate that women face unique challenges on the retirement planning front. Rising life expectancy, lower lifetime earnings, and reduced savings all contribute to a significant retirement income gender gap, reports Prudential Research.
Sure, these challenges may seem considerable. But the good news is you can do many things to strengthen your retirement security and financial confidence.
Confident decisions start with being well-informed. So, as you plan for your retirement, it’s important to understand the challenges facing you and other women today. Here’s a quick look at some common issues that will likely come your way.
