Women struggle to make their retirement funds last, according to a recent study from Alliance for Lifetime Income (ALI), an insurance and investment group, that produced a “State of Women 2022” report with HerMoney.com. That’s because their earnings are hamstrung by the persistent wage gap and the burdens of taking on more family responsibilities.
There are ways women can counteract this trend and create more sustainable retirement income, though. The best answer for women and anyone seeking to maximize retirement income is to employ the help of a professional. Contact a local financial advisor as early as possible to optimize your retirement plan.
Why Do Women Struggle to Make Their Retirement Funds Lasting?
Women fall short of making retirement savings last due to several factors:
- The wage gap
- Stagnate earnings
- Loss of earning years
- Longer lifespan