Saving for retirement can be challenging for many, but single women often face unique hurdles. On average, women live five years longer than men, which means they'll likely need more money saved to enjoy their retirement years comfortably. 

Furthermore, with women generally earning less than men and taking more breaks from work to look after family members, it's not surprising that many find themselves behind in their retirement savings.

Single women, in particular, may end up managing their finances alone, whether due to outliving a partner, remaining unmarried, or going through a divorce late in life. 
And with a significant number of Americans turning 65 in 2024, the pressure is on for those who are single and nearing retirement age.
 

Seek Professional Advice

The top recommendation for anyone, single women included, is to consult with a financial advisor. These professionals can help you devise a thorough plan covering everything from when to start taking Social Security benefits to how to cover healthcare in your later years, and how much money you'll need to live comfortably in retirement. 

They can also guide younger women on how to balance saving for retirement with other goals, like paying off student debt or buying a house.

Don't let the cost deter you; many employers offer access to financial planning services as part of their retirement plans at little or no charge.
 

Other Helpful Tips

Aside from professional financial advice, there are several strategies you can employ:


1. Start Saving Now: Even small contributions to your retirement plan can grow over time, thanks to compound interest. Take full advantage of any employer match programs and consider setting up automatic increases to your savings.

2. Invest in Your Career: Furthering your education and skills can lead to higher earnings, which, in turn, can boost your retirement savings.

Check out: Scholarship Opportunities for Single Mothers Pursuing Higher Education

3. Emergency Fund: Being single means not having a partner to fall back on financially in tough times, so aim to save at least three to six months' worth of living expenses.

4. Plan Your Estate: Ensure you have a will and, depending on your circumstances, a trust. Make your wishes known to your loved ones.

5. Be Involved in Financial Decisions: If you're currently in a relationship and not involved in the financial planning, start participating now. It's important to be prepared for the possibility of managing finances on your own in the future.

Remember, it's never too early or too late to start taking control of your financial future. Whether you're just starting your career or nearing retirement, now is the time to empower yourself and secure your financial future.

If you need additional assistance, consider joining our Financial Fluency Workshop Series. We provide resources and guidance to support you with your finances and how to access government aid for areas where you may need help.

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