An Age-by-Age Guide: Key Financial Questions Every Woman Should Ask

Use our answers to help you take charge of your financial future

An Age-by-Age Guide: Key Financial Questions Every Woman Should Ask image

YOUR MONEY SHOULD BE WORKING HARD to help you create a secure financial future. That’s true for everyone—but maximizing financial power is even more important for women, who can face such hurdles as the wage gap, career breaks to take care of family, higher health care costs and the likelihood of a longer retirement, says Lorna Sabbia, head of Retirement & Personal Wealth Solutions, Bank of America Merrill Lynch.

“Those challenges make it necessary to pay careful attention to every financial decision you make,” she says. Use the following questions—and answers—as a starting point for thinking about how you can put your money to best use at every stage of your life.

These are critical years for you to save toward your retirement, because starting to save as early as possible allows your money the greatest amount of time to compound—which is perhaps the most critical factor in accumulating enough to retire comfortably.

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Your life is whizzing ahead, both personally and professionally. You may be married, raising young children, managing the household finances, funding college tuitions, paying a mortgage, and tending to a demanding career. As the pressures on your finances multiply, how can you keep up with funding your future?

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At this stage, perhaps you’re eyeing retirement, ramping up travel or time with grandchildren, pursuing hobbies, starting your own small business, or getting involved in philanthropic endeavors that help you give back and find meaning.

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A private wealth advisor can help you get started.

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1 Pew Research Center, 2018, http://www.pewresearch.org/fact-tank/2018/04/09/gender-pay-gap-facts/
2 U.S. Government Accountability Office, 2017, https://www.gao.gov/assets/690/687797.pdf
3 The National Bureau of Economic Research, 2018, http://www.nber.org/papers/w22607/
4 Inquiry Journal, 2005, http://journals.sagepub.com/doi/abs/10.5034/inquiryjrnl_42.4.335
5 Merrill Lynch/Age Wave Widowhood Research, 2018
6 Ibid

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