With reports that women earn less than men and often outlive men by a few years, the financial stakes have never been higher.
Here are three common money mistakes (regardless of gender) that can have a bigger impact on women’s financial lives.
Not saving enough for retirement: Don’t underestimate how much you need for retirement. Make your retirement contributions a priority. Aim to increase your contribution rate each year.
Not factoring health care costs: Studies find that women pay more than men for healthcare and that’s a concern, considering their life expectancy is higher. Ensure your savings plans include funding future healthcare expenses and long-term care. Do research to find out if a Health Savings Account is an option for you.
Prioritizing kids and grandkids over saving: This is a matter of putting yourself first, THEN taking care of the kids. Secure your retirement and healthcare and other financial care needs before gifting large sums of money to others. Think of it as ensuring you’ll never be a financial burden on your children when they are older.