5 Tips for Women to Maximize Income at Retirement

First things first. Statistics show women live longer than men ( They also show women may work fewer quarters than men, due to pregnancy and/or caregiving ( Additionally, women on average earn 20% to 30% less than men. For women of color, the disparity can be as much as 60% less (pew research center). The short of it is, women will need more money for a longer period at retirement. This also means women will need to start saving as soon as they can to conquer some of these challenges. Tips on how to maximize your savings are crucial.

People start side hustles for many reasons. But only 10% of people use the money they earn to save for a goal or major purchase, according to a May 2020 DollarSprout survey of 698 U.S. adults.

Here are 5 things that may help you save more and purpose that income towards retirement.

1. If your employer offers a match for your retirement plan contributions, contribute the max amount MATCH THEIR MATCH.

Some employers offer what they call a match for retirement contributions. The match normally ranges from 3% to 10%. A practical example of this is you contribute 4% of your income to your retirement plan. Your employer offers you a match of 4%. Simply put, your employer adds 4% or matches your contribution, contributing totally to your plan 8%. If your employer only matches 3% your total contribution is 7%. When considering contributions to your plan, always make your contribution as much as your company will match, but no more than that. There is another option for investments that may offer you a better return.

2. Have supplemental saving sources besides your company’s retirement plan.

Most 401k, 403b, or other retirement plans are only set up to replace 60% to 70% of your income. That means 30 to 40% will need to be supplemented. Setting up alternate investments or accounts such as IRA’s, ROTH IRA’s, Cash Value Life Insurance, Real Estate, or Stock Market Investments are a few to consider.

3. Make sure you have more than 1 income stream.

It is stated, a 4 to 7 income stream is suggested ( Women are born entrepreneurs. Although you may not consider it a business, side hustles like hair braiding, babysitting, virtual assisting, etc. that generate an income can help add to your retirement savings. Other multi-level marketing opportunities, like Mary Kay and Paparazzi are also options that will generate income for retirement. You may also want to consider a part time w-2 position.

4. Position yourself for promotion.

If your current employer offers you the opportunity to receive a promotion which offers more income, do what it takes to get it done. If that means taking classes, mentorships, extra training, do that. Additionally, verbalization of your desire to move up is very important. A closed mouth won’t get fed. Just make sure you are talking to the right people. Not just colleagues but people in position to help you forward your career.

5. Partner with like-minded people.

Setting up partnerships with like-minded people can increase your income. It can also provide more exposure to different resources and networking opportunities.

For more information regarding Women and Retirement Get your copy of The Retirement Trilogy on Amazon, Barnes and Nobel or You can also contact me at, listen to my podcast at I'm Your Agent on itunes, spotify, or review any of my social media outlets. Jefflyn Dangerfield I'm Your Agent@, www,, imyouragentpc@instagram or Imyouragentpc on facebook.

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