Financial Planning Experts: 7 Ways Women Can Save More for Extended Retirement Years

Title: Financial Planning Experts Share Tips for Women to Save More for Retirement

As women tend to live longer than men and face a gender pay gap, it is crucial for them to prioritize retirement planning to ensure financial security in their golden years. Financial planning experts emphasize the importance of taking the long view and implementing strategies to boost retirement savings.

According to Myra Alport, accredited financial counselor and founder of Myra Alport Money Coach, women need to consider the fact that their savings will need to last over many years due to their longer life expectancy. This highlights the necessity for women to save more and plan ahead for retirement.

Angela Dorsey, certified financial planner and founder of Dorsey Wealth Management, points out that women earn only 81% of what men earn on average, which can impact their savings, Social Security, and pensions. Additionally, women tend to take fewer risks when investing, which may hinder their ability to reach their retirement savings goals.

To address these challenges, financial planning experts offer tips to help women boost their retirement nest egg. Setting a savings goal, prioritizing savings, paying off debt, creating a budget, optimizing investment strategies through education, and considering semi-retirement are some of the key recommendations provided by experts.

By taking proactive steps and implementing sound financial planning strategies, women can empower themselves to secure a comfortable and financially stable retirement. It is essential for women to be proactive in managing their finances and taking control of their future financial well-being.