This week, Craig Siminski, of CMS Retirement Income Planning, shares an article discussing some ideas to help women reexamine their retirement planning strategies:
The COVID-19 economic crisis tested the mettle of all Americans, particularly working mothers. Research shows that the pandemic’s impacts on women have been far-reaching and potentially long-lasting.
Now that the U.S. economy is picking up steam, it may be more important than ever for women to re-examine their retirement planning strategies.
Effects of the COVID-19 Economy
The COVID-19 recession had a disproportionate impact on working women because sectors that typically employ them — including retail, hospitality, and health care — were hit harder than others. As noted in a paper released by the National Bureau of Economic Research, “Employment fell more for women compared to men at every stage during the pandemic, with the biggest gender differences estimated for married women with children.” Many women were forced to cut work hours or leave jobs entirely to care for family members and supervise remote schooling activities when day cares and schools shut down.
In a Pew Research study, 64% of women said they or someone in their household lost a job or took a pay cut during the pandemic, and nearly a quarter took…
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Craig Siminski is a CERTIFIED FINANCIAL PLANNER™ professional, with more than 23 years of experience. His goal is to provide families, business owners, and their employees with assistance in building their financial freedom.
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