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ALI Education Fellow Suzanne Norman joins Yahoo Finance Live to discuss how inflation is challenging women who are aiming to retire, the ongoing wage gap, rising health care costs, and the outlook for retirement.
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Inflation is a term that is often used to describe the steady rise in the prices of goods and services over time. While inflation can have an impact on everyone, it is particularly challenging for women who are planning for retirement. According to an expert, women who want to retire are facing a number of challenges due to the rising cost of living.

One of the major challenges that women face when it comes to inflation and retirement is the fact that women tend to live longer than men. As a result, women need to save more money to account for their longer lifespan. Unfortunately, inflation makes it more difficult to save for retirement as the value of money decreases over time.

Another challenge for women planning for retirement is the rising cost of healthcare. Healthcare costs have been outpacing inflation over the years, which can put a significant strain on retirement savings. In fact, many women entering retirement may find that their healthcare costs are much higher than they anticipated, leaving them with less money to cover other expenses.

In addition to healthcare costs, the rising cost of housing can also impact women who want to retire. Many women entering retirement may own a home or have a mortgage to pay off. However, with inflation, the cost of housing has increased significantly over time. As a result, women may find that their retirement savings are not enough to cover their housing expenses, leaving them with limited options.

So, what can women do to prepare for retirement in the face of inflation? According to experts, one of the best things women can do is to start saving as early as possible. By starting to save early, women have more time to accumulate funds for retirement, which can help to offset the impact of inflation.

It is also important for women to consider their investment options carefully. Putting money into stocks, bonds, and other investment vehicles that can offer a higher rate of return can help to keep pace with inflation and provide greater returns over time.

Finally, women should be smart about managing their expenses. This means taking steps to reduce debt, avoiding unnecessary expenses, and making smart financial decisions that can help to preserve retirement savings over time.

In conclusion, inflation is having a significant impact on women who want to retire. With rising healthcare costs, the cost of housing, and the need to save more to account for longer lifespans, women must take proactive steps to prepare for retirement. By saving early and investing wisely, women can help to offset the impact of inflation and enjoy a comfortable retirement.