{"id":563450,"date":"2023-03-14T12:03:00","date_gmt":"2023-03-14T09:03:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/young-women-you-can-master-retirement-planning-in-3-simple-steps\/"},"modified":"2023-03-14T12:03:00","modified_gmt":"2023-03-14T09:03:00","slug":"young-women-you-can-master-retirement-planning-in-3-simple-steps","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/young-women-you-can-master-retirement-planning-in-3-simple-steps\/","title":{"rendered":"#: Young women: You can master retirement planning in 3 simple steps"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3c586953641\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3c586953641\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/young-women-you-can-master-retirement-planning-in-3-simple-steps\/#%E2%80%9C_Young_women_You_can_master_retirement_planning_in_3_simple_steps%E2%80%9D\" >&#8220;: Young women: You can master retirement planning in 3 simple steps&#8221;<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/young-women-you-can-master-retirement-planning-in-3-simple-steps\/#Jessica_Hall\" >Jessica Hall<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9C_Young_women_You_can_master_retirement_planning_in_3_simple_steps%E2%80%9D\"><\/span>&#8220;: Young women: You can master retirement planning in 3 simple steps&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<h2 class=\"article__subhead\" itemprop=\"alternativeHeadline\">\n<\/h2>\n<p><\/p>\n<div class=\"column column--full article__content\">\n<div class=\"article__side\">\n<div class=\"container--sticky not-active\">\n<div id=\"cx-next\" data-nosnippet>\n              <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div id=\"js-article__body\" class=\"article__body article-wrap at16-col16 barrons-article-wrap crawler\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0001784912\" role=\"document\">\n<div class=\"barrons-article-ad-wrapper\">\n<div data-track=\"barrons-article-ad-wrap\" class=\"barrons-article-ad sticky_item\">\n<div class=\"barrons-main-article-ad-target sticky_target body_ad\" aria-hidden=\"true\"><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div data-layout=\"\n                inline\" data-layout-mobile=\"\" class=\"\n          media-object\n          type-InsetArticleReader\n              \n              inline\n  article__inset\n          article__inset--type-InsetArticleReader\n              article__inset--inline\n  \"><\/p>\n<div class=\"media-object-article-reader\">\n<div class=\"audioplayer\" data-sbid=\"WP-MKTW-0001784912\" role=\"region\" aria-label=\"Listen to Article\" tabindex=\"-1\" id=\"articlereader\" data-show-title=\"false\" data-theme=\"wsj-article-reader\" data-show-header=\"false\" data-show-subscribe=\"false\" data-ads-enabled=\"true\" data-save-publication=\"false\">\n        <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>       Women under 35 may be savvier on financial issues than their male counterparts, but there are still significant headwinds facing women that need to be overcome to ensure security in retirement.<\/p>\n<p> Female investors under the age of 55 are 4.5-times as likely as older women to consider themselves very knowledgeable about financial topics, according to recent research by Merrill Lynch. What\u2019s even more promising is the youngest group of women investors surveyed\u2014those under 35\u2014scored better than their male counterparts on financial-literacy questions.\u00a0<\/p>\n<div class=\"paywall\">\n       While this puts younger women on better footing for financial success, women still face threats to their finances because they tend to live longer than men, earn less than men during their careers, are usually the ones taking time out of their careers for family caretaking, and end up retiring earlier\u2014often not by choice.<\/p>\n<p>\u201cMen are typically more comfortable talking about money. For women, it\u2019s almost a taboo subject,\u201d said Megan Kowalski, partner and managing director at The Lerner Group. \u201cWomen inherently want to understand something before we get involved. Men have more of a natural confidence. Women want to know how the wheel is made before they get in the car.\u201d<\/p>\n<p>Here\u2019s three moves women should do to make their retirement more secure.\u00a0<\/p>\n<p><strong>Automate your savings and investment contributions<\/strong><\/p>\n<p>\u201cGet in the habit of having money automatically diverted out of your paycheck before you get used to having that money in hand. Start small and slowly build up how much is being taken out. Just start somewhere,\u201d Kowalski said.\u00a0<\/p>\n<p>Invest in your employer\u2019s 401(k) if there\u2019s one available, at least to the point you get the company match. Max out your contribution, if possible. (For 2023, the maximum 401(k) contributions limit for individuals is $22,500, or $30,000 if you\u2019re 50 or older.)<\/p>\n<p>Of course, not everyone works for a company that offers a 401(k) plan. The recent Secure 2.0 legislation expands investing options for people who work for small companies or gig workers who are self-employed. Spousal IRAs also are an option for some women who may be home dealing with child care, for example, said Maria Bruno, head of U.S. wealth planning research at Vanguard.\u00a0<\/p>\n<p>Lena Haas, a principal and head of wealth management advice and solutions at Edward Jones, urged women to open an IRA or Roth IRA before April 15, because you can contribute for 2022 by that deadline, and still have the rest of the year to contribute for 2023.<\/p>\n<div id=\"cx-membership-tile\"><\/div>\n<p>Haas also underscored the need for automating contributions, saying \u201cset up auto-contributions and put $200 a month directly into a Roth IRA and that money will be out of sight, out of mind and growing on your behalf.\u201d\u00a0<\/p>\n<p>You can\u2019t tap into the money in an individual retirement accounts (IRAs) until you\u2019re 59-\u00bd and have owned the account for at least five years or you\u2019ll face a penalty of 10%. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.investopedia.com\/ask\/answers\/05\/waitingperiodroth.asp\" class=\"icon none\">You can withdraw contributions<\/a> you made to your Roth IRA anytime, tax- and penalty-free. However, you may have to pay taxes and penalties on earnings in your Roth IRA. (Note: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.irs.gov\/retirement-plans\/amount-of-roth-ira-contributions-that-you-can-make-for-2023\" class=\"icon none\">Roth IRAs have income limits<\/a>.)<\/p>\n<p>\u201cWhat women need is flexibility. They may take time away from the workforce and may need to access funds at different times. Women don\u2019t follow the traditional path, so not being able to touch funds in an account until a certain age doesn\u2019t work for them,\u201d said Hannah Wardenburg, associate wealth adviser at Hightower Wealth Advisors.\u00a0<\/p>\n<p>After maxing out your 401(k) and setting up a Roth IRA, Bruno recommends a <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a> brokerage account with a balance fund or index fund that has broad diversification.<\/p>\n<div data-layout=\"inline\n                \" data-layout-mobile=\"\" class=\"\n          media-object\n          type-InsetMediaVideo\n            inline\n  article__inset\n          article__inset--type-InsetMediaVideo\n            article__inset--inline\n  \"><\/p>\n<figure class=\"media-object-video article__inset__video media-object-video--standard\">\n<div class=\"wsj-media-summary clearfix\">\n<div class=\"strap-container\">\n<h4 class=\"strap\" itemprop=\"description\">\n<\/h4><\/div>\n<\/p><\/div>\n<div class=\"video-container article__inset__video__player\" id=\"http:\/\/www.marketwatch.com\/news\/58AB823C-BD46-40E7-A062-3C2F5E15CD94\" data-src=\"http:\/\/www.marketwatch.com\/news\/58AB823C-BD46-40E7-A062-3C2F5E15CD94\" data-format=\"standard\" data-esplash=\"\" data-msplash=\"\" data-suppressheadline=\"\" data-verticalstill=\"\">\n  <\/div><figcaption class=\"wsj-article-caption article__inset__video__caption\">\n          For International Women\u2019s Day, MarketWatch Editor Leslie Albrecht talked to Catherine Valega, a certified financial planner and founder of Green Bee Advisory, about the unique financial challenges women face and how to address them.<br \/>\n        <\/figcaption><\/figure>\n<\/div>\n<p>       <strong>Talk to an adviser<\/strong><\/p>\n<p>\u201cUnfortunately a lot of financial information stops at \u2018invest in your employer-sponsored plan.\u2019 But you have to grow in your understanding and do research. It helps to talk with an adviser now because you don\u2019t know what you don\u2019t know and it\u2019s harder to get going later. Make sure you\u2019re comfortable with them\u2014it should feel like there are no dumb questions,\u201d Kowalski said.\u00a0<\/p>\n<p>\u201cEvery woman needs a good financial plan. Not just an investing plan. Start with what matters to you, talk about your goals, when you want to retire and then create behaviors and stick to that plan. Revisit it once a year and after every major life event, such as getting married or divorced or having a child,\u201d Haas said.<\/p>\n<p>\u201cThere\u2019s also a gap on protecting wealth. Women live longer, on average and issues such as life insurance and long-term-care insurance often get neglected,\u201d Haas said.<\/p>\n<p>Start earlier rather than waiting for the \u201cright time\u201d to talk with an adviser, Wardenburg said.<\/p>\n<p>\u201cIt\u2019s essential not to wait too long. The earlier you establish what your goals are and the earlier you act on the plan, the better,\u201d Wardenburg. \u201cIf the work isn\u2019t done today, your lifestyle will be dramatically different in the future.\u201d\u00a0<\/p>\n<p>It\u2019s important to pick the right adviser, of course, and find one who understands the nuances of investing for a women\u2019s unique career path.\u00a0<\/p>\n<p>\u201cFinancial advisers assume\u2014often incorrectly\u2014that in an older investor couple, traditional gender roles are more likely to be the norm. Financial advisers seem to know that among younger investors, these roles have shifted, and women take on as much or more decision-making power in families,\u201d the Merrill Lynch research said.\u00a0<\/p>\n<p>\u201cBut we observed evidence that financial advisers are not totally tracking just how far-reaching these changes already are in the younger set. Ultimately, with both older and younger women investors, we saw some signs that financial advisers aren\u2019t always keeping up with the pace of change,\u201d Merrill Lynch said.\u00a0<\/p>\n<p>Still, Haas said working with an adviser can benefit the returns on investment by 2% to 7% a year.<\/p>\n<p><strong>Control your debt and protect your savings<\/strong><\/p>\n<p>\u201cFocus on the things you can control\u2014your spending and savings rate,\u201d said Bruno.\u00a0\u00a0<\/p>\n<p>Have a disciplined <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roach to debt, said Haas.\u00a0<\/p>\n<p>\u201cThere\u2019s good debt, like a mortgage that you pay off over time, and bad debt, like credit cards with high interest rates that keep going up and up. You have to have a disciplined approach to paying that off. Concentrate on your high interest debt and be strict about paying that off,\u201d Haas said.\u00a0<\/p>\n<p>Women also need an emergency fund to protect them in case of job interruptions or unexpected life events. Haas recommends bulking up a cache of six months of expenses, or six months of salary, to set aside for emergencies. These funds should not be invested, but should sit in a high-interest savings account or CD.<\/p>\n<p>Basically, protect your money and yourself with knowledge, Bruno said.<\/p>\n<p>\u201cThere are more sources for <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> nowadays\u2014which is good and bad\u2014that may not have been there for other generations. More women are becoming more confident about talking about money and that\u2019s tremendous,\u201d Bruno said.<\/p><\/div>\n<\/div><\/div>\n<p><\/p>\n<div class=\"byline article__byline\">\n<p>    <span>By<\/span><\/p>\n<div class=\"author mobile-scrim hasMenu\" data-scrim='{\"type\":\"author\",\"header\":\"Jessica Hall\",\"subhead\":\"The Wall Street Journal\",\"list\":[{\"type\":\"link\",\"icon\":\"bio\",\"url\":\"https:\/\/www.marketwatch.com\/topics\/journalists\/jessica-hall\",\"text\":\"Biography\"},{\"type\":\"link\",\"icon\":\"email\",\"url\":\"http:\/\/www.marketwatch.com\/news\/mailto:jessica.hall@marketwatch.com\",\"text\":\"jessica.hall@marketwatch.com\"}]}' itemscope itemprop=\"author\" itemtype=\"http:\/\/schema.org\/Person\">\n<h4 itemprop=\"name\"><span class=\"ez-toc-section\" id=\"Jessica_Hall\"><\/span>Jessica Hall<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p><ufc-follow-author-widget product=\"marketwatch\" author-id=\"274_MW\" author-name=\"Jessica Hall\" signin-url=\"https:\/\/accounts.marketwatch.com\/login?target=https%3A%2F%2Fwww.marketwatch.com%2Fstory%2Fyoung-women-you-can-master-retirement-planning-in-3-simple-steps-b66f0a9%3Frss%3D1%26siteid%3Drss\" panda-api=\"https:\/\/follow-api.marketwatch.com\"><\/ufc-follow-author-widget><\/div>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more News articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"http:\/\/www.marketwatch.com\/news\/story.asp?guid=%7B20C06575-04D4-B545-71B3-C509741C2D47%7D&#038;siteid=rss&#038;rss=1\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;: Young women: You can master retirement planning in 3 simple steps&#8221; Women under 35 may be savvier on financial issues than their male counterparts, but there are still significant headwinds facing women that need to be overcome to ensure security in retirement. Female investors under the age of 55 are 4.5-times as likely as&#8230;<\/p>\n","protected":false},"author":1,"featured_media":563451,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.mktw.net\/im-742404\/social","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[],"class_list":["post-563450","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/563450","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=563450"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/563450\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/563451"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=563450"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=563450"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=563450"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}