BAKERSFIELD, Calif. (KBAK/KBFX) — Women’s History Month is dedicated to honoring the achievements and progress women have made across the nation.
Women have had to overcome countless obstacles to gain more quality in the U.S., one of those being financial freedom.
Although women have come a long way, experts say they still face different financial realities than men.
Challenges such as career breaks due to motherhood, caregiving responsibilities that can add an extra burden onto their workload and a longer life expectancy that raises questions about retirement plans can make financial planning more complicated for women.
NerdWallet Personal Finance Expert Kimberly Palmer joined ARC Bakersfield to share what financial decisions women should be making at different stages of life.
Palmer says women should build credit, create a budget and start investing in their 20s.
She says women in their 30s should focus on increasing personal insurance coverage, prioritizing retirement funds and having transparent financial talks with partners.
Finally, Palmer says women in their 50s should maximize their retirement savings, reassess long term care plans and create or update estate documents.