Single women face unique challenges when it comes to planning for retirement. They live longer than men, earn less due to the gender pay gap, and often take on caregiving roles that result in time off from work and less regular contributions to retirement funds. To help single women navigate these challenges, Marie Thomasson, a certified financial planner and founder of Modern Assets, provides seven steps they can take to ensure they are on track with their retirement goals. These steps include finding a well-paying job that they love, investing in professional skills, paying off debt, visualizing their retirement goals, reassessing retirement accounts, boosting financial knowledge with the help of others, and using their voice and vote to address systemic issues that women face.
Thomasson emphasizes the importance of finding a fulfilling and financially stable career, as this provides long-term sustainability and financial security. She suggests engaging with professionals in fields of interest, asking for mentorship, and conducting research to explore career options. Additionally, Thomasson advises single women to invest in their professional skills through continuing education, aiming to always be in demand in the workplace.
Paying off debt is another crucial step for single women on the path to retirement. Thomasson urges individuals to prioritize paying off student loans, credit card debt, or personal loans in order to free up funds that can be directed towards future goals. Strategies such as the debt snowball method or debt avalanche method can be used to create a repayment plan. Thomasson recommends seeking professional help if necessary.
In addition, single women are encouraged to visualize their retirement goals and create a vision board. Thomasson emphasizes the importance of reassessing retirement accounts and increasing contributions whenever possible. Women are also encouraged to educate themselves about finance and investing by joining finance-focused groups, reading books about women’s finances, and seeking out courses or coaches that specialize in women’s financial empowerment. Lastly, Thomasson advises women to use their voice and vote to advocate for policies and individuals that promote equitable outcomes for women.
In conclusion, single women face unique challenges when it comes to retirement planning. However, by following the steps provided by Marie Thomasson, they can navigate these challenges and have a fulfilling and financially secure retirement. It is essential for single women to invest in their careers, pay off debt, visualize their goals, reassess retirement accounts, acquire financial knowledge, and advocate for gender equality. By doing so, single women can ensure they are on track for a successful retirement.
