Women deserve a financially secure retirement, but many face unique challenges that make this easier said than done. Today’s older women are offering a guiding hand to the younger generation to help them get — and stay — on track. 

A new report from the Certified Financial Planner Board of Standards (CFP Board), a non-profit organization that provides financial planner certification,shows some of the top financial goals for women are to set themselves up for a comfortable retirement, build emergency savings and provide for loved ones, such as children or aging parents. But lower salaries, parenting and other caregiving responsibilities that lead to an interruption in their career are just a few hurdles standing in the way.

According to Fidelity Investments, people need to set aside 10x their income by age 67 to live well in retirement. Yet women are generally behind their male counterparts when it comes to these financial benchmarks: A survey from Prudential found that men between the ages of 55-75 have an average $157,000 put away, while women have just $50,000. 

Liz Miller, founder and president of Summit Place Financial Advisors and chair of CFP Board’s board of directors, says some of her married female clients who are at retirement age look at their individual savings versus their male spouse and are surprised by the difference. 

“Often the female spouse is telling me, ‘I didn’t realize I was lagging so much. I really should have paid more attention along the way, she says.  

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Source : https://www.benefitnews.com/news/how-women-can-better-prepare-for-retirement