Four financial considerations for women to take control of their financial future:

Four financial considerations for women to take control of their financial future:

1. Address the gender pay gap: Despite progress, the gender pay gap persists, affecting women's earning potential. Take steps to counteract this:

• Negotiate for higher salaries when appropriate.
• Save a higher percentage of your income to compensate for the pay gap.
• Seek early financial advice to develop a personalized investment strategy that maximizes long-term growth.

In the chart below, the difference between the person who begins investing at age 35 versus the one who starts at age 55 is $335,178, even though the 55-year-old saves more per year, on average.

Source: Investment Returns Calculator, calculated for time horizon and annual contribution amount. The example is hypothetical and assumes a 6% annual rate of return. The figures do not reflect taxes, investment or product fees or expenses which would reduce the figures shown here or imply any guaranteed rate of return. Past performance is not a guarantee of future results.

2.     Navigate career interruptions: Women often face interruptions due to caregiving responsibilities, which can impact financial and career progress. Stay on track by:

• Regularly reviewing your finances with a financial advisor to make necessary adjustments.
• Prioritizing financial independence and considering strategies for maintaining career continuity.

3.     Harness the power of increasing wealth: Women's wealth is growing globally, giving them significant economic influence. Leverage this by:

• Making intentional investments to build savings and achieve financial goals.
• Working with a financial advisor to develop a long-term investment strategy aligned with your objectives, risk tolerance, and time horizon.

4.     Plan for longevity: Women tend to live longer than men, necessitating careful retirement planning. Prepare for a longer lifespan by:

• Balancing growth-oriented investments with stable income sources.
• Considering various income streams, such as Social Security, pensions, annuities, and fixed-interest investments.
• Collaborating with a financial advisor to create a strategy that covers living and healthcare expenses in retirement.

Building financial confidence throughout your life is crucial. Partnering with a financial advisor, such as Duncan Williams Asset Management, can provide guidance tailored to your circumstances and help you confidently achieve your financial goals.

Call us today to start building your financial confidence at 901-435-4250.

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