Women wield enormous financial power and play an important role in the workforce and the economy as a whole. The gender pay gap, which is a reality for many women, has the potential to derail retirement security at a time when women are taking on more responsibility for their families and money.
Here are some things you can take if you have these concerns:
- Do your research on compensation ranges for your specific career and industry growth possibilities. Then get ready to haggle.
- Make the most of your employer's benefits. Medical, dental, life, and disability insurance are just a few of the perks that may be included in your compensation package. Keep track of when you become eligible.
- Make your own retirement a priority and start saving as soon as you can. Women live longer on average than males and have less money in their retirement funds. When you get a raise, don't forget to boost your contribution.
- Understand the impact of your lifetime earnings on your Social Security payout. The greatest 35 years of earnings are used to determine benefits. If the number of years is less than 35, zeros are used in the calculation.
It is possible to make a difference for all women by shedding some much-needed light on the salary disparity between men and women. Meanwhile, women can develop excellent financial habits early in life, set their own objectives, and receive the assistance they need to maintain such behaviours over time.
To close the gender pay gap and increase their retirement savings, women must make adjustments throughout their lifetimes. Women's financial stability throughout retirement can be bolstered by financial awareness and savings behaviours.
(Source- Our world in data)