If you’re a single woman, most of your financial challenges and aspirations may resemble those of single men. Men and women face the same economic stress factors of modern life, and both groups have similar financial goals, such as the ability to retire comfortably. But women still face specific obstacles. You need to be aware of these challenges – and do everything you can to overcome them.

Wage Gap

Crystal Mullins, Edward Jones Advisor

For example, women still face a wage gap. In 2017, women earned 82% of what men earned, according to the Pew Research Center. However, the wage gap narrows among younger workers, and may even disappear for highly educated women, especially those in the STEM fields – science, technology, engineering, and mathematics.

Another financial concern for women is their role as caregivers.  Women spend an average of 12 years out of the workforce to care for children, elderly relatives, and even friends, according to an estimate by the Social Security Administration. Other studies report different figures, but all the evidence points to women being the ones who take time off from work to care for loved ones. This means fewer contributions to Social Security, 401(k)s and other retirement plans.

Faced with these and other issues, what can you do to help yourself move toward your important goals?

Four Steps To Plan For Retirement:

Develop good financial habits.

Establishing good financial habits can pay off for you throughout your lifetime.

Three Important Financial Habits:
1. Maintain a budget
2. Keep your debt under control
3. Set aside money for a “rainy day” expenses

Take advantage of available opportunities.

If you work for an organization offering a 401(k) or similar plan, contribute as much as you think you can afford. At the very least, put in enough to earn your employer’s matching contribution, if offered. And every time your salary goes up, increase the amount you invest in your plan. Also, think about opening an IRA, which, like a 401(k), can offer tax-advantaged investment opportunities. If you have children, you’ll also want to explore college savings vehicles, such as a 529 plan.

Educate yourself about investing – and seek professional advice.

Some people think investing is just too complex and mysterious to be understandable. Yet, with patience and a willingness to learn, you can become quite knowledgeable about how to invest, what you’re investing in and what forces affect the investment world. And to help you create an investment strategy that’s appropriate for your goals, risk tolerance, and time horizon, you may also want to work with a financial professional.

  Discuss financial issues with your future spouse.

If you get married or re-married, you’ll want to discuss financial issues with your new spouse. Specifically, you’ll want to answer questions such as these: What assets and debts do each of you bring to the marriage? Do you plan to merge your finances or keep them separate? Are your investment styles compatible? Do you have similar long-term goals? You and your new spouse don’t need identical views on every financial topic, but you both need to be willing to work together to advance your common interests. 

Ultimately, you have a lot of control over your financial future. And making informed choices can help make that future a bright one. 

This article was written by Edward Jones for use by your local Edward Jones Financial Advisor.

About the Author
Crystal Mullins works and plays in Milledgeville, GA, and is happily marrying Jesse Law in September 2018. After graduating in 2005 from Georgia College and State University with a degree of Bachelors of Business Administration she worked in the banking industry for over 10 years and became a financial advisor with Edward Jones in 2016. Her passion is to help people plan their financial future through her work at Edward Jones.