GREENSBORO, NC – Beyonce calls for “all single ladies, put your hands up!”. OK, your hands are up. You know who you are. Now let me tell you what you need to do. You need to save. And you need to save more than your married counterparts.
Yes, seriously. You have once income and you need to save more than the married couples do. *sigh*
“Women need to be saving between 10% and 20% of their annual income to off-set not having two sources of social security, not having a higher income,” explains Certified Financial Planner Matt Logan.
“A couple needs to save about 10% of their income. But a single female really needs to double that.”
Logan says it’s not just the once source of social security and that most women on average get paid less than men, but also the tax rate is higher for singles.
Check out the graphic of the tax table. A single person has a 15% tax rate if they make a little more than $9,000. A married couple can make almost double that before they're in the same bracket.
Matt Logan Inc. is an independent firm with securities offered through Summit Brokerage Services, Inc. Member FINRA & SIPC and advisory services offered through Summit Financial Group, Inc., a Registered Investment Adviser.