Gender Pay Gap Has Retirement Implications for Women

Although women now graduate in greater numbers than men from college, they also carry 64% of student loan debt. A new study completed by Merrill Lynch found that women have to save for retirement earlier than men and must start planning well in advance. This is if those women intend to maximize their pension benefits and their Social Security.

The unique challenges that women continue to face have to do primarily with debt and pay disparities. Women are confident in many different financial areas except investing. Women may be as confident as men when it comes to budgeting and paying bills but that confidence decreases significantly when it comes to managing an investment. Up to 41% of the women who participated in this survey found that not investing more was their biggest financial regret.

Lack of coverage and educational exposure were some of the most common reasons cited by women who felt that financial management was a daunting task that they did not feel comfortable taking on. If you are interested in tackling your retirement and estate planning goals together, scheduling a consultation with a lawyer who is knowledgeable in this area can help to ease your mind and ensure that you have a path that will address your needs for many years to come.