We are experts at taking care of everyone else. We manage the kids’ schedules, the household budget, and our parents’ doctor appointments. But when it comes to long-term financial planning for ourselves, we often push it to the bottom of the to-do list. We tell ourselves we will get to it “when things settle down.”
Here is the hard truth: things never settle down. By delaying financial planning, we are losing the one asset we can never get back—time. Compound interest needs time to work its magic. Let’s explore why waiting is costing women their future freedom and why the regret hits so hard later in life.
The “Prince Charming” Delusion
Even the most feminist among us can fall into the subconscious trap of thinking, “Someone else will figure this out.” Maybe it is a future partner, an inheritance, or just luck. We delay investing because we are waiting for a savior. But the only person coming to save you is the future version of yourself.
The High Cost of the Caregiving Gap
Women are more likely to take time out of the workforce to care for children or aging parents. During those years, we aren’t contributing to 401ks or Social Security. If you don’t plan for those gaps aggressively when you *are* working, you end up with a significantly smaller nest egg than your male counterparts.
Fear of the “Math”
The finance industry has done a great job of making investing sound complicated and scary. They use jargon that makes women feel unqualified. So, we keep our money in savings accounts where it loses value to inflation, rather than investing it where it could grow. Fear of making a mistake leads to the mistake of doing nothing.
The Gray Divorce Shock
Divorce rates for people over 50 are rising. Women who let their husbands handle the retirement planning often get a rude awakening during the split. You might find that the assets aren’t what you thought they were, or that splitting them leaves you with half the lifestyle and half the time to recover.
Living Longer Costs More
Statistically, women outlive men. That means we need “more” money for retirement, not less. We have to fund those extra five to ten years of life, potentially alone. Putting off planning means you are underfunding the years when you will be most vulnerable.
Prioritizing Current Needs Over Future Needs
It is hard to put money into an IRA when the kids need braces or the house needs a new roof. We prioritize the urgent over the important. But borrowing from your future self to pay for today’s comfort is a debt that eventually comes due.
The Regret of “If I Only Knew”
Talk to any woman in her 60s, and she rarely says, “I saved too much.” She almost always says, “I wish I started sooner.” The pain of looking back and seeing the millions you *could* have had if you just started with $100 a month in your 20s is real.
Start Where You Are
The best time to plant a tree was 20 years ago. The second-best time is today. You don’t need to be rich to start planning; you just need to be brave enough to look at the numbers.
What is one financial move you wish you had made sooner? Warn the younger generation in the comments!
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The post Why So Many Women Regret Putting Off Financial Planning appeared first on Budget and the Bees.
