Intelligent Investment Management, LLP here to help.
In a world where women consistently earn less than men for the same skills, we're responsible for demanding more.
Is it important for a woman to be financially independent?
Financial independence means having the ability to support oneself financially without assistance.
Being financially independent is an important goal for people of all backgrounds, but it is particularly important for women who are independent and have been challenged in this arena.
20's
- Time of change
- Graduating from college
- Moving out of parents' house
- Getting your first grown-up job
Important Things You Can Do
- Establish a plan and begin to save NOW
- Create an emergency fund (6+ months of expenses)
- Stick to a budget
30's
- Increased financial responsibility
- Major life events: marriage, children, purchasing a new home
- Contribute or establish your retirement plan(s)
Important Things You Can Do
- Discuss your financial life with your partner and reveal any debt
- Budget for children's education
- Realistic expectations for buying a home-what can you afford?
- Stick to a budget
40's
- By now, you will have experienced major milestones
- Need to prepare for more changes ahead
Important Things You Can Do
- Stay up to date on financial goals
- Continue to contribute to your retirement plan(s)-401(k), IRA's
- Be your own advocate in your career
- Stick to a budget
50's
- Biggest financial challenge: taking care of aging parent(s)
- Formulating a financial plan to ensure that parents are cared for
- Catch up contributions to your retirement investments
- Planning for long term health care for your self
Important Things You Can Do
- Make sure you have a financial plan
- Work with a professional
- Stick to a budget
60's
- Focus on retirement and legacy plans
- Have a discussion with your children about your money and what it means to you
Important Things You Can Do
- Re-evaluate your investments
- Determine how you want to spend your assets in retirement:
- leave to children
- donate to non-profit organizations that have meaning to you
- Stick to a budget
RETIRED WOMEN REPORT RECEIVING LESS THAN 70% OF THEIR PRE-RETIREMENT INCOME IN RETIREMENT
Yet women continue to live longer than men, suggesting the biological differences also have a role. According to the U.S. Centers for Disease Control, the average American man will live to age 76, while the average woman in America will live to age 81. (Mar 25, 2020)
Having access to a plan that provides personalized guidance on savings and investment strategy that can adjust and re-calibrate with life events, can help individuals better reach retirement with sufficient savings to maintain their standard of living.
WOMEN ARE MORE LIKELY TO RETIRE EARLIER THAN PLANNED.
More than 60% of women stated that they retired earlier than planned and 66% retired for reasons outside their control.
Not reaching one's desired retirement age reduces the amount of time available to save for retirement and can place added pressure on those savings to last longer than expected. The majority of women respondents faced this risk and are more likely than men respondents to retire early because of external factors like health and taking care of a family member.
