From Edward Jones’ Joey Romano
On March 8, we observe International Women’s Day, a celebration of women’s achievements. Of course, even in the United States, women still tend to encounter more obstacles than men in the pursuit of financial security. As a woman, you should recognize these challenges – and take steps to overcome them.
Many women take time out from the workforce to raise children or become caregivers to elderly parents. These duties can reduce their income and retirement savings.
So, if you’re still working, put in as much as you can to your 401(k) or similar plan, and increase your contributions whenever you get a raise.
Also, consider your Social Security options. You can start collecting benefits when you’re 62, but if you can afford to wait, you’ll get bigger monthly checks at your full retirement age, which is likely between 66 and 67. But you might be better off collecting spousal benefits if your spouse earned more than you do.
You may not be able to avoid all the gender-related obstacles you face – but, by making the right moves, you can still create a brighter financial outlook.
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor. Edward Jones, Member SIPC