Press release
T. Rowe Price Provides Retirement Checklist for Women
BALTIMORE, March 5, 2020 /PRNewswire/ -- T. Rowe Price, a global investment management organization and a leader in financial education, has released a
About this update from T. Rowe Price Group, Inc.
[{"type":"text","content":"BALTIMORE, March 5, 2020 /PRNewswire/ -- T. Rowe Price, a global investment management organization and a leader in financial education, has released a retirement checklist for women, including specific tips for those married or partnered. Recent research from the company highlights the impact women face from lower lifetime earnings as well as the resulting challenges that arise.\n\"Women are starting from behind yet have a longer race to run,\" said Judith Ward, CFP®, senior financial planner at T. Rowe Price. \"Being intentional with our spending and savings decisions can put us on the path toward financial success, and ultimately a secure retirement.\"\nWard has 30 years of experience speaking about financial concerns related to women and investing. T. Rowe Price offers actionable steps that can help women more confidently navigate money matters through different life stages.\nKnow your worth and negotiate accordingly. A starting salary with an employer is typically the anchor to which future raises, bonuses, and promotions will be connected. Buckle down and budget. Understand how you spend your money, then you can find opportunities to reduce expenses and increase your retirement savings. Ditch the debt. Debt balances may affect women more harshly than men because their lower incomes may lead to higher debt-to-income ratios. Have money on the side. Use this money for an unexpected bill or to get through a period of uncertainty without having to tap credit cards or raid your retirement savings. Step up your savings rate and pay yourself first. If you have access to a workplace retirement plan, aim to save at least 15% of your salary, including any employer match. If you don't have a workplace retirement plan, consider investing in a Traditional or Roth Individual Retirement Account (IRA). Get comfortable with money matters. Tune in to podcasts, find a favorite blogger, choose a book on finances, or use an online retirement tool to get started. Building financial acumen is key whether you're supporting yourself or with a life partner.When it comes to married or partnered households, Ward said that it's important for both individuals to take part in the financial planning for the household. \"On average, women live longer than men. At some point in retirement, women may be solely responsible for their finances – whether by choi...