The Importance of Financial Literacy for Women and their Retirement Plans

Through the years, the National Institute for Retirement Security (NIRS) has produced multiple reports exploring what’s come to be known as “the gender income gap” and its contribution to inequality in retirement financing for women. Earlier this year, NIRS published a new version on this on-going topic titled “Still Shortchanged: An Update on Women’s Retirement Preparedness” containing this summary comment: ” … median household income for women aged 65 and older in 2016 was $47,244 or 83 percent of median household income for men, which as at $57,144.”

Given what these statistics bode for women as they develop their financial plans for retirement, Forbes Advisor E. Napoletano has dived into this subject with a post carried on the Waco Tribune-Herald that further defines the origins of the gender wage gap and how it affects the future plans for women. One aspect of Ms. Napoletano’s article deals with the thought that “Financial Literacy Can Help Minimize the Gap,” calling for women ” … take a proactive approach to their financial education, including setting a budget and establishing long-term savings goals early on.” This suggestion is clearly sound, especially when it comes to understanding the rules associated with Social Security benefits. There’s no question that fully understanding the implications of the decision on when to file for benefits, the regulations on spousal benefits, and the details on surviving spouse benefits can go a long way toward ensuring a solid financial situation in retirement.

To learn more about this topic, read Ms. Napoletano’s post here. Also, specifically on the subject of Social Security and the key role it can play in women’s retirement financial planning, know that the AMAC Foundation offers a free-to-the-public Advisory Service with trained and accredited Advisors standing ready to help with navigating the details of Social Security. Learn more about this service here…


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