CNBC: “Women are still behind men when it comes to retirement savings. What they can do to build security”
CNBC, Sept. 15, 2021 — Marguerita Cheng, CFP® Pro is interviewed in today’s article on CNBC, reporter Carmen Reinicke, who writes, “Some 60% of women said they were concerned they wouldn’t be able to achieve a financially secure retirement, according to a February 2021 survey from the National Institute on Retirement Security. That’s compared with 51% of men (still a daunting number) who said the same.”
According to the survey, women were also more likely to say that an employer-sponsored plan alone wasn’t enough to save for retirement.
“Women also said that saving for retirement has only gotten harder, citing things such as the rising costs of long-term care, wage stagnation, lack of pensions, greater debt, and little help when it comes to saving for retirement,” writes Carmen, who interviewed Rita to glean insights into what can be done to rebuild.
Rita explained: “To be sure, pausing or saving less for retirement during the pandemic because you’ve lost your job, some of your income, or had any other change in circumstance is OK,” said Cheng, who is a member of the CNBC Advisor Council. “It is possible to get back on track and rebuild your retirement savings. In the short term, it is OK if you have to adjust. If you can’t save consistently, allocating part of windfalls such as a stimulus check or tax refund is a good way to contribute to retirement.”