[{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/www.highpointadv.com\/blog\/5-ways-women-can-overcome-the-wage-gap\/#BlogPosting","mainEntityOfPage":"https:\/\/www.highpointadv.com\/blog\/5-ways-women-can-overcome-the-wage-gap\/","headline":"5 Ways Women Can Overcome The Wage Gap","name":"5 Ways Women Can Overcome The Wage Gap","description":"Even though the wage gap continues to narrow, it still significantly affects how much women are earning compared to men. In fact, the average woman who works full-time over a 40-year period loses about $435,000 in lifetime income because of gender inequality (Money). This means that, on average, women have less money to support themselves […]","datePublished":"2018-03-26","dateModified":"2023-08-29","author":{"@type":"Person","@id":"https:\/\/www.highpointadv.com\/blog\/author\/adam-aj-loedel\/#Person","name":"Adam AJ Loedel","url":"https:\/\/www.highpointadv.com\/blog\/author\/adam-aj-loedel\/","identifier":2,"image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/02e7e374f1aceec0e9857fe4c92e0567e22e7a685e80585aca3edbc981178ebe?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/02e7e374f1aceec0e9857fe4c92e0567e22e7a685e80585aca3edbc981178ebe?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"HighPoint Advisors, LLC","logo":{"@type":"ImageObject","@id":"https:\/\/www.highpointadv.com\/wp-content\/uploads\/2023\/06\/LOGO.jpg","url":"https:\/\/www.highpointadv.com\/wp-content\/uploads\/2023\/06\/LOGO.jpg","width":220,"height":126}},"image":{"@type":"ImageObject","@id":"https:\/\/www.highpointadv.com\/wp-content\/uploads\/2018\/03\/iStock-689260062-1024x683-1.jpg","url":"https:\/\/www.highpointadv.com\/wp-content\/uploads\/2018\/03\/iStock-689260062-1024x683-1.jpg","height":683,"width":1024},"url":"https:\/\/www.highpointadv.com\/blog\/5-ways-women-can-overcome-the-wage-gap\/","about":["Income & Tax","Retirement Planning","Socially Responsible Investing"],"wordCount":552,"articleBody":"Even though the wage gap continues to narrow, it still significantly affects how much women are earning compared to men. In fact, the average woman who works full-time over a 40-year period loses about $435,000 in lifetime income because of gender inequality (Money). This means that, on average, women have less money to support themselves and their families and they\u2019ll have less money saved when it comes time to retire.This is because Social Security income and pensions are determined by wages. The wider the wage gap, the less financial security women will have later in life when compared to men. And since women tend to live longer than men, they have to find ways to make their retirement funds stretch.Luckily, people are working to improve the wage gap all over the world through legislation. And while legislation certainly helps, there are things women in the U.S. can do right now to help overcome the wage gap.1. Negotiate Your Salary Early OnBy negotiating pay at the beginning of your career, it won\u2019t be so hard to catch up later on \u2013 especially considering most employees use their salary from a preceding job to negotiate a salary for a new job. Before approaching your boss about your salary, arm yourself with facts. Do research on sites like Glassdoor and talk to your colleagues who have similar positions to compare how much others are being paid. This will help present a solid, data-driven case to your company about how much you\u2019re worth.2. Save as Much as PossibleAnother way to overcome the wage gap is by managing your wealth in ways that\u2019ll benefit you in the long run. In general, you should be saving anywhere from 15 to 20% of your income. But if you can save more, especially through IRAs and 401(k)s, you\u2019ll be able to generate more funds in time for retirement.3. Invest AggressivelyWomen aren\u2019t generally known for making aggressive investments, but don\u2019t let that hold you back. Educate yourself about the market and learn how to take calculated risks in order to work towards increasing your chances of success, especially if retirement is still 10 or 15 years away.4. Delay RetirementIn order to earn the same pay as men, the typical woman has to work 11 years longer. Unfortunately, that\u2019s not the most ideal or realistic situation. But if you can delay your retirement even by a few years, that\u2019s more money you\u2019ll be earning to put toward your retirement.5. Choose a Financial Advisor that Will Advocate for YouWhen choosing a financial advisor, make sure it\u2019s someone that understands a woman\u2019s unique situation in the workplace. This will help them structure a plan that manages your wealth and positions you to overcome salary inequalities. With a strong financial advisor, you\u2019ll be able to take those calculated risks, make strategic investments and establish a stable financial future for you and your family.Start Planning for the FutureThe wage gap doesn\u2019t just affect your weekly paycheck. It plays a significant role in your retirement funds and financial security throughout every stage of your life. At HighPoint Advisors, we\u2019ll provide a personalized wealth management plan to help assist you in overcoming any financial inequalities. Discuss your options by "},{"@context":"https:\/\/schema.org\/","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"Blog","item":"https:\/\/www.highpointadv.com\/blog\/#breadcrumbitem"},{"@type":"ListItem","position":2,"name":"5 Ways Women Can Overcome The Wage Gap","item":"https:\/\/www.highpointadv.com\/blog\/5-ways-women-can-overcome-the-wage-gap\/#breadcrumbitem"}]}]