Black women can’t catch a break even in retirement! Just when you’re ready to kick up your heels and relax, a lack of proper retirement planning could come back to bite you.
First, there’s the fact that women live longer than men on average. The increased life span requires more funds to keep from living in poverty past age 65.
And what about the gender wage gap?
According to a report published by the National Partnership for Women and Children, Black women in the United States who work full time, year-round are typically paid just 62 cents for every dollar paid to white, non-Hispanic men.
Throughout their working years, Black women aren’t earning enough to put aside the additional funds needed for a comfortable retirement.
What ultimately needs to happen is for these women to establish a plan for financial security in old age that incorporates these roadblocks into consideration. Stay assertively informed in the retirement savings and investment method of your choosing early on.
As advocates work to find solutions to systemic barriers like the racial and gender wage gaps, remember it’s YOU that’s ultimately in control of your finances. That means it’s your responsibility to never leave money on the table when negotiating compensation, and make sure to plan for your long term care. You’ve got to behave like a strategic long term investor!