How much money a working woman should have at every age

Slay the work, learn negotiation skills, practice in advance and ask for the raises and promotions you deserve

PHOTO: FILE

Are you falling behind? Ellevest conducted a study where they talked to 1,000 working women about their money and their lives. Based on the priorities they shared, a step-by-step formula was created for an average career-working woman that targets the age brackets of 20s to 60s, including retirement.



In your twenties

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A retirement goal by the time you reach 30 should be earning 1x your current annual salary. As 37% of 20-something women change jobs and 41% move in two years, it's imperative to save six to eight months of your expenses in cash.

Top tip: Get paid what you're really worth: Only 28% of the women in the study received a promotion over two years. Starting with a low pay can be a drag for years, since you usually get raises off that base. Slay the work, learn negotiation skills, practice in advance, and ask for the raises and promotions you deserve.

In your thirties

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A retirement goal by 40 should now be earning 3x your annual salary. Women in their thirties are the most likely of any age group to save for having a child, paying for college, and starting a business.  49% of women in their 30s have kids, while 15% say having kids is a priority.

What to do: If you’re leaving the workforce but plan to return, keep your skills fresh by volunteering in your area of expertise. Staying on the job? Outsource some cooking and cleaning to save yourself unpaid labour and invest in drops for those red eyes!


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In your forties 

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Your retirement goal by 50 is to earn 6x your annual salary. As 71% of 40-something women are socking money away for retirement, due to childcare costs lessening, it's time to 'catch-up' on retirement.  However, only 32% of women in their 40s said they felt prepared to negotiate a higher salary.

Top tip: The average woman’s salary peaks at age 40. That’s 15 years earlier than a man’s. Freshen your skills and brush up on salary negotiation if you need to.

In your fifties

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Retirement goal by 60: 8x your annual salary in preparation for retirement. Determine what you’ll need to retire comfortably and how to get there. Women in their 50s and 60s are most likely to say they never talk to anyone about financial advice, so talk to financial advisers to define your number.

Get ambitious: Really go for it in your career. 61% of women in their 50s described themselves as “ambitious.” Not only do many 50-something women have fewer commitments at home, but people are more likely to see mature women as leaders.

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