Why Women Should Start Saving Sooner
It’s very important for everyone to know where their money is. Whether it’s in one banking institution, several institutions, 401ks, IRA or in the cookie jar, people feel much more comfortable and at ease when all of their money is accounted for. And there’s even more peace of mind it they have a plan for the future.
For men and women, saving can be a different game. Women generally live longer and that’s one very big reason they need to start skillfully saving sooner. If you’re financially flexible enough to save $100 a month (that’s only $3.30 a day), you will be surprised how quickly that money grows over time. In just a decade, your $3.30 per day adds up to more than $20,000! In 25 years, $30,000 in deposits could produce more than $180,000, if invested smartly and soundly.
Since women outlive their husbands on average by 10 years, saving more makes sense. After the death of a spouse, there can be complications with frozen assets, hidden retirement accounts, and the stress of funeral arrangements and costs, on top of everything else! It’s also important to remember that a husband is not a retirement plan.
Sadly, half of marriages end in divorce. When you also consider the high rates of paternal desertion by dads who just “quit” on their families, you start to understand why taking charge of your financial future is so important.
If you want to learn more about saving for the future, contact Gallagher Financial Group. We focus on safety of your principal in all market conditions and offer a complimentary consultation. It’s the first step to your long-term financial stability!