More women plan on delaying retirement than not, study finds
MINNEAPOLIS -- A new study shows more women plan to delay retirement than not.
"If you don't have control of your finances, they can control you," Gayle Crabtree-Pergoli said.
Crabtree-Pergoli isn't in that category. She retired as a nurse anesthesiologist about 11 years ago and has enjoyed her time in retirement. Partially because she planned for it.
"My mother always said make sure you have a good profession. A good job and you can make money to support yourself,'" Crabtree-Pergoli said. "Don't rely on a partner, on a husband to financially support yourself."
It's not always the case though, for women in particular. A study from Nationwide Retirement Institute shows that nearly two-thirds of women delay their savings and thus, their retirement.
"I think women need to prioritize themselves, when it some their financial situation," financial planner with Great Waters Financial Matt Schwartz said. "This is probably one area of a woman's life where she should feel empowered to be selfish."
So why do women tend to delay their savings? On top of a inflation, Schwartz sees the gender pay gap, life expectancy and caregiving expectations contributing to slowing down a women's savings plan.
"It's important that women can take on the responsibility, feel empowered to put themselves first and prioritize their goals and priorities just as much as men have over the course of time," Schwartz said.
Schwartz says the first step to do that is to establish financial goal. Once that's done, he tells his clients to prioritize their savings and improve their financial understanding.
"Today we have more access to financial literacy then we ever did before," Schwartz said. "The internet is a great tool for that."
From experience Schwartz knows -- they'll be better off because of it.
"Women should feel empowered to be part of the conversation, "he said.
Crabtree-Pergoli agrees.
"First and foremost, know yourself and know what you want out of eventual retirement and what you want out of your earnings," she said. "Look at your earnings and realize what you're making, what you could be making, if you need to make more, if you need to invest more and just get to really understand your financial picture."
"It's never too late to plan," Schwartz added. "It's better to know now than to delay the inevitable. Jumping in and determining where the goals are, getting an understanding of where you are at today is the first step it provides a road map, so you know what actions need to be taken."
Great Waters Financial has several resources aimed to improve financial literacy -- from articles to webinars -- on it's website.
