Despite sharing many hard-fought equalities with men, women are still fighting a gender wage gap, even in 2023. Female full-time earners often make 20% less for the same tasks performed on the job by men. The fix: don’t be afraid to ask for a raise. The cost of living increase alone is a good enough reason but go into the discussion ready to talk about your value and knowledge of what your male colleagues earn. Women deserve equal pay, so fight for it!

Women also tend to take the hit due to the “caretaker” role. More often than not, it’s women who take leave from their careers to raise children and care for ailing loved ones. The result is another reduction in earning potential. The fix: if you want to grow a family or take care of someone when they’re sick, by all means, do so. The key is to factor it into your overall financial plan (if possible), and understand the long term ramifications. Save a sizable portion of your income, and invest with confidence with the assistance of an experienced financial planner.

Women tend to live longer than their male counterparts (79.1 and 73.2, respectively, in 2021). Just under six years may not seem terribly long, but when you live on a tight retirement budget, it can feel like forever. The fix: consider your longer projected lifespan when retirement planning so you don’t come up short!

Let’s chat if you want to create a plan to help you get the retirement you want, no matter what your obstacles are.

Head over to my online calendar or reach out by phone at 330 836 7800 Ext. 1 for a free 15-minute financial review.