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Administrative Professional Day Reminder to Plan for the Future…

Administrative Professional Day Reminder to Plan for the Future…

April 16, 2024

Anyone who has worked in a business setting or corporate environment knows the importance that administrative professionals play in the success of an organization. Those key positions are often held by women, women who, in addition to their responsibilities at work, have multiple demands on their time outside of the office. This often leaves little time for setting savings goals or taking an active role in planning for the future.

Although much has been done in the past few decades to eliminate specific gender roles and stereotypes, the fact remains that women still tend to care for others first while not making their needs a priority.

Some of the Challenges Women Face When Trying to Meet Financial Goals

Caregiving

It is almost always the woman who provides caregiving for the family. Statistics show that on average women lose 12 years of work, and therefore 12 years of contributions to a retirement plan, while taking leave from work to care for children or elderly family members. This not only directly affects their retirement savings, but they also miss promotions and raises that would have increased their income.

Wage Gap

Since the “women’s movement” of the 70s began to raise awareness of gender pay disparities, it is discouraging to say that little has changed. Women still are paid $0.82 for every $1 earned by a male colleague. This discrepancy equals over $9000 a year for full-time work.

The result is women have less for basic expenses such as rent and food, leaving them less or no money to save for retirement.

Oxygen Masks

Anyone who’s flown has heard the flight attendant say that in case of emergency be sure to put on your oxygen mask first before helping anyone else. The moral is that you’ll be able to save others if you first save yourself.

The same principle applies on the ground. Pay attention to your own health, wealth, and future so that you will be able to spend time with and care for those you love.

Taking Charge

Become determined to set realistic savings and retirement goals.

Start by “paying yourself first”. Take advantage of any employer savings or retirement plan that will directly transfer money from your paycheck into those accounts. If your company does not offer such plans, open your own account and arrange for automatic withdrawals.

Be sure to increase the amount you’re saving each year, especially after getting a raise.

This method helps to ensure you stay on track. You are less likely to spend what has already been put aside.

At One Financial Services, we honor the important contributions that administrative professionals make throughout the year.

Our One Financial Services team is always here to offer advice and guidance to help you plan for a secure future.