Skip to main content

Logo

  • Home
  • About 
    • Our Firm
    • What Makes Us Different
    • Meet The Team
    • In The News
  • Services 
    • Annuities
    • Retirement Income Strategies
    • Wealth Management
    • IRA & 401k Rollovers
    • Social Security Maximization Strategies
    • Insurance
    • Comprehensive Life Planning
    • Legacy Planning
    • Risk Management
  • Events
  • Resources 
    • COVID-19 Resources
    • FREE Retirement Guide
    • FREE Financial Newsletter
    • FREE Reports
    • Useful Websites
    • Financial Calculators
  • Blog
  • Contact

Conquering Retirement Challenges for Women

    You are here

  1. Home
  2. Blogs
  3. Conquering Retirement Challenges for Women

Conquering Retirement Challenges for Women

Submitted by Parker Financial Group on September 30th, 2020

Conquering Retirement Challenges for Women

Looking ahead can help you conquer these unique obstacles.

Provided by Madison Parker

When it comes to retirement, some women face obstacles that can make saving for retirement a challenge. Women typically earn less than their male counterparts and often take time out of the workforce to care for children or other family members. Added to the fact that women typically live longer than men, retirement money for women may need to stretch even further.1

Despite these challenges, there are a lot of reasons to be hopeful.2

Review your existing situation. Do you want to spend your years traveling together, or do you envision staying closer to home? Are you seeing yourself moving to a retirement community, or do you want to live as independently as you can? Sit down with your spouse, if you’re married, to discuss your visions for retirement.

You can't see if you're on track for your goals if you haven't defined them. And if you find you’re falling short of where you want to be, you can work together to strategize about how you can either get to where you want to go or to adjust your strategy so that it fits your existing situation.1

Get creative. These challenges don’t have to stop you from saving for retirement if you’re willing to get creative. If you plan to or have taken off time from the workforce, try and increase your contributions to your retirement accounts while you are working. If you’re staying home while your spouse works, you may be able to contribute to an individual retirement account.3

Under the SECURE Act, once you reach age 72, you must begin taking required minimum distributions from a Traditional Individual Retirement Account and other retirement plans in most circumstances.  Withdrawals from Traditional IRAs are taxes as ordinary income and, if taken before age 59½, may be subject to a 10% federal income tax penalty. Under the CARES Act, the 10% penalty may be waived in 2020. Traditional IRA may be fully or partially deductible, depending on your adjusted gross income.

If you’re caregiving for an elderly relative, there are ways to be paid for your time. According to AARP, the Veteran’s Administration or Medicaid may be a potential source of income. Working with a professional who has expertise in this field can help you navigate the complicated medical structure while also helping you earn income for work that you’re doing.3

Get involved. One of the best things you can do is to get involved in conversations about finances. Many women undervalue their knowledge in this area and having regular conversations with your spouse, family, and financial professional can help ensure that you always know where things stand.3

While women may face additional challenges, careful preparation with your financial professional may help you to live a fulfilling retirement.

Madison Parker may be reached at (913) 661-9492 or info@pfgkc.com

www.pfgkc.com

This material was prepared by MarketingPro, Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. This information has been derived from sources believed to be accurate. Please note - investing involves risk, and past performance is no guarantee of future results. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. All indices are unmanaged and are not illustrative of any particular investment.

Madison Parker is an investment advisor representative of, and advisory services are offered through USA Financial Securities.  A Registered Investment Advisor located at 6020 E. Fulton St., Ada, MI  49301. Parker Financial Group is not affiliated with USA Financial Securities.

Citations

1. CNBC.com, March 6, 2020

2. Entrepreneur.com, August 13, 2020

3. MarketWatch.com, March 6, 2020

Tags:
  • Women+ Retirement+ Secure Act+ Cares Act+

Recent Blog Posts

  • Building a Healthy Financial Foundation
  • Speed Bumps & Headlines
  • End-of-the-Year Money Moves

Archived Blog

  • January 2021 (1)
  • December 2020 (1)
  • November 2020 (1)
  • October 2020 (1)
  • September 2020 (2)
  • August 2020 (1)
  • July 2020 (1)
  • June 2020 (1)
  • February 2020 (1)
  • January 2020 (1)
  • November 2019 (1)
  • October 2019 (1)
  •  
  • 1 of 2
  • ››

Categories

  • deductions (1)
  • extended care, eldercare, Medicare, skilled nursing, Medicaid (1)
  • Financial Professional (1)
  • financial strategy (1)
  • gifting (1)
  • Investing (2)
  • Legacy Planning (1)
  • Life Insurance, Legacy Planning, Wellness (1)
  • medical (1)
  • Medicare (1)
  • New job (1)
  • Planning (1)
  • retire, retiring, retiree, retirees, retirement, tax, taxes, taxation, tax-free, taxfree (1)
  • retirement plan contributions (1)
  • Roth IRAs, IRAs Retirement Income (1)
  • Social Security (1)
  • taxes (1)
  • Trust (1)
  • Trusted Contact (1)
  • Wealth Management (1)
  • Wellness (1)
  • Women+ Retirement+ Secure Act+ Cares Act+ (1)

Contact Us

Don't hesitate to get in touch with us.
We would love the opportunity to become your trusted advisor.

Get to know us

Phone: 913-661-9492
Fax: 913-754-1919

Email: info@pfgkc.com

Building 9 in Corporate Woods, 9200 Indian Creek Parkway, Suite 180, Overland Park, Kansas 66210

Get Directions

Quick Message

Rodger Parker is a registered non-solicitor of, and Madison Parker investment advisor representative of, and advisory services are offered through USA Financial Securities Corp. A Registered Investment Advisor located at 6020 E Fulton St., Ada, MI 49301. Parker Financial Group is not affiliated with USA Financial Securities. 

Madison Parker is authorized to transact investment advisor services only in states where she is properly registered. For investment advisory services these states include: Madison - AZ;CT;KS;MO;NM;OR;TX;WI.. Additionally, clients who are not residents of these states cannot be serviced.

This website is not intended to provide investment, legal, or tax advice, no to effect securities transactions or to render personal advice for compensation.

© 2021 Parker Financial Group. All rights reserved.

Website Design For Financial Services Professionals