Take control: Women should consider a financial adviser

May 27, 2021
Brian Loy

Even before COVID-19 and the ensuing recession, women faced unique challenges in savings and retirement planning, from gender-based wage and savings gaps to balancing work and family responsibilities to having a longer life expectancy. While a financial adviser can’t single-handedly reverse economic and social disruptions emerging from the pandemic, prudent advice can help you navigate life’s challenges and the next crisis du jour. Having greater confidence in money matters and increasing retirement savings can go a long way toward reaching financial security. I asked Kirstin Griffin of Sage Financial Advisers to join me in discussing these key issues.

Key challenges: Women have a disadvantage with retirement savings

Retirement income gap: According to the National Institute for Retirement Security (NIRS), women age 65 and older have a median household retirement income of $47,200, or 83% of what men have on average with $57,100. Retirement income includes Social Security, pensions and investment income.