You’ve heard of the gender income gap, but do you know what the gender wealth gap is? At the end of their careers, according to U.S. News & World Report, women lag behind their male counterparts in retirement savings to the tune of $1 million.
Your 401(k) is one of the most powerful retirement planning tools at your disposal. Are you taking full advantage of yours? Here are eight questions to help you answer this important question.
1. Am I enrolled?
Nearly 40 percent of millennials have no retirement savings, according to Personal Capital’s 2018 Retirement Readiness Survey. But millennials willing to take the long view can be reassured that time is on their side largely due to the remarkable power of compound interest.
Perhaps you’ve lost a job, faced an illness or have been delt a family crisis that emptied out your emergency fund. What are your next steps?
You’re eyeing center-hall colonials in your neighborhood and dreaming about the garden you want to plant in the backyard and all the holiday celebrations you’ll host. You’ve saved toward this goal and think you’re ready to pull the trigger. But the real question is: How much house can I afford?
Or is it?
Social Security’s financial cliff is coming closer into view. Experts project that the fund that pays for government retirement benefits through FICA taxes will be depleted within the next 15 years.
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