Women face more obstacles when it comes to saving for retirement. One obstacle is income. The gender pay gap makes it more challenging for women to set aside a substantial amount of savings, especially when compared to men working in the same field.

Another obstacle is life expectancy. The average life expectancy for women hovers around 80 years, whereas the life expectancy for men is an average of 75 years. A longer life expectancy is an incredible benefit, but it also comes with a cost. Since women are expected to live longer, they should expect to spend more money throughout their golden years. This means that they will need to collect more retirement savings.

As a woman, what can you do to manage these obstacles and boost your retirement savings? 

Address Your Pay

Is your income too low? It might be time to ask for a raise this year. Before you talk to your boss, start by composing a list of factors that prove you deserve a bump in pay. These are some things to add to your list:

  • Your responsibilities
  • The goals that you’ve achieved over the year
  • The positive feedback you’ve received
  • Awards and recognition you’ve received

If you discuss a raise with your boss and you don’t get it, then this may be a sign that you should join the Great Resignation in search of a higher-paying employer. Once you receive a higher income, you can contribute more to your retirement savings. 

Join Retirement Savings Plans

Not every employee is lucky enough to have a pension. If you’re in that situation, you should take the initiative to start investing for your retirement. 

Does your employer offer a 401(k)? If they do, sign up for this investment plan. It will help you save up a substantial amount for your retirement. If you don’t have a 401(k) option through your workplace, open an individual retirement account (IRA) and put your savings in there. 

An IRA is also a useful investment account to have when you have a 401(k). If you’ve maxed out your 401(k) contributions but want to save more for retirement, you can put them in your IRA. And if you have to leave an employer after being vested, you can move your 401(k) savings into an IRA within 60 days to avoid paying a tax penalty. 

Make an Emergency Fund

It can be tempting to make early withdrawals from your retirement savings when there’s an emergency expense that you have to deal with. Don’t do it. There are consequences that come with early withdrawals, and they are not worth the sacrifice. 

One way to ease the temptation of early withdrawals is to put together an emergency fund. You can withdraw savings from your emergency fund at any time without having to pay any “early withdrawal” penalties. 

If you don’t have enough in your emergency fund, you should still avoid turning to your nest eggs for help. You could use your credit card, or you could go to a direct online lender to see whether you’re qualified for a direct deposit loan. With an approved direct deposit loan, you can cover a small emergency expense in a short amount of time. After resolving that issue, focus on a straightforward repayment cycle. 

Your retirement years will be here before you know it. Start boosting your savings now.