Women now account for a record 24.2% of those in power in the 116th Congress, more than 2,000 women serving in state legislatures, including women holding the majority within two state legislatures, Colorado and Nevada.
But it is not enough…not nearly enough progress has been made for women in many areas of money management, wages, investments, retirement yet women are more educated at higher levels and live longer than their male counterparts.
There is increased attention on women’s wealth accumulation potential. Such wealth accumulation could positively add to our economy significantly if women take greater control over their finances.
According to a 2017 Fidelity study, women are better investors than men but don’t realize they are. Only 9% of women believe they could outperform men with respect to investor returns.
Women also saved an annual average of 9.0% of their paychecks for workplace retirement accounts, above 8.6% for men. Women also save more in accounts outside of workplace savings.
According to a Merrill Lynch done with Age Wave, a firm focused on an aging population, women collect $1.1 million less pay than the average men over a lifetime of work.
Including setting up a spousal IRA account, similar to a traditional or Roth IRA, but for women who do not work outside the home but has a spouse who does.
3. Given their longevity and lower lifetime earnings, women will need to be vigorous about retirement planning
That spouse can contribute to the nonworking spousal IRA. Another benefit is social security benefits which generally require 40 sequential quarters of work.