Many working women are unsure about how much they need to save for retirement, with estimates ranging from $500,000 to over $2 million. Fear of outliving savings is prevalent, highlighting the need for better financial planning, especially since many women dip into retirement funds prematurely. Only 1 in 4 women have a financial strategy, and just 3 in 10 use a professional advisor, perpetuating uncertainty and vulnerability.

Financial planner Cary Carbonaro notes that women are less confident than men about retirement planning, have lower emergency funds, and are more likely to guess about retirement needs. The lack of written plans and advisor usage is concerning. Women need to open up about finances, ask questions, and seek advice to secure a stable financial future.

Women’s risk aversion in investing for retirement, lower earnings, longer lifespan, and potential career breaks all contribute to financial insecurity in retirement. Negotiating for better salaries, seeking fee-only financial planners, and investing strategically are crucial steps for women to secure their financial future. It’s essential to have candid money conversations, educate oneself on personal finance, utilize catch-up contributions, and work towards financial independence.

Author Kerry Hannon emphasizes the importance of learning about personal finances, investing, and negotiating salaries. Women need to invest wisely, seek financial advice, and have open discussions about money to ensure a stable retirement. With proper planning, education, and proactive steps, women can overcome financial challenges and secure a comfortable retirement.

Read more at Yahoo Finance: Women are guessing when it comes to retirement planning