Tips for Women Planning for Retirement

Tips for Women Planning for Retirement NYC

Most of us know that there is a wage gap between women and men. Furthermore, if you add the fact that women have a higher life expectancy than men, it makes it a more pressing issue for women to start earning more. The less you make, the less you have to contribute to retirement. We may not always think about it in those terms but it’s pretty important for our future retirement planning. The best way to plan for retirement is to secure a well paid position. Here are some high paying and in demand jobs that women may want to consider if planning for retirement is a priority. While there are still wage issues for women with higher paying jobs, it certainly helps with your long term earnings to gravitate toward higher wage jobs. Not only do you start off with a higher salary, there’s a long term cumulative effect year over year with pay raises.

Health Care Jobs

In some instances, these higher paying jobs may amount to women making almost double the average wages for women. In fact, health care is an incredible path for women with so many opportunities available. There are specialized program and training requirements necessary for these positions. Nursing is a profession we have mentioned for years in previous articles. The field continues to grow at an alarming rate. Focusing on a specialty area within nursing like pediatrics for example typically raises the earnings potential. For instance, physical therapy is a lucrative and well sought out profession for women that requires continuing education. Physicians are in constant need especially with longer life expectancies. Women already comprise of approximately 40 percent of physicians so it’s certainly something to consider.

Women in Engineering

Companies are seeking strong female engineering candidates. Until recent years, women have not gravitated as much toward the vast majority of engineering fields. There are so options within engineering depending on your specific interests. Companies are truly excited about finding female engineers. It’s a great avenue to consider if planning for retirement and higher wage earnings are important goals for you. Schools are encouraging girls to be enthusiastic about science at an early age. Science museums offer interactive activities to engage girls in science. It’s a wide open field and an incredible opportunity for women.

Planning for Retirement

A couple of things to consider regarding contributing to retirement plans. It’s good to understand where you fall from a tax perspective and to seek advise from your accountant. Contributing to your retirement from an early age, even a very small amount has a long term cumulative effect that can be significant. When you contribute to your 401k, it’s on a pretax basis so you may not feel it as much in your paycheck. There are great retirement tools available typically through your plan that can help you understand the projected growth of your retirement based on a practical return rate. This gives you a better understanding of what you need to contribute to meet your planning for retirement goals.

There are many lucrative, in demand fields in which women are encouraged and welcomed. It’s time to explore those exciting opportunities.