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n e w h a v e n b i z . c o m | A p r i l 2 0 2 3 | n e w h a v e n B I Z 21 F O C U S : B a n k i n g a n d F i n a n c e savings gap? Russell recommends starting with what you think you can afford, then investing a little bit more. "If you think you can handle 6% of an investment amount, maybe try 8 or 9%, and let that run," Russell said. "en every year, increase that a little bit. Unlike spending, like on a credit card or house, you can always dial back the amount you invest. Find your comfort zone and get a little further out of it." Allard also recommends women work with a financial professional, someone you trust and have confi- dence in, for a long-term relationship. Make sure your risk tolerance aligns with your goals and any market volatil- ity, she said. "If you are beginning to invest, or you are unsure about your current situation, it is very important to have someone in your corner who you trust, who you know is a fiduciary and is acting on your behalf, during these uncertain times in the world and in the market," Allard said. Once you have that relationship and have set goals, such as retirement or starting or selling a business, Lardaro recommends you periodically check in to evaluate your progress. "at is where we can take control and exert our power to build our wealth and maintain our seat at the table," Lardaro said. "Look at creating your financial plan as a form of self- care. It is an investment in yourself and your future." Lardaro also recommends automatic savings plans, such as a payroll deduc- tion that goes into a savings account to help build an emergency or rainy day fund. Lardaro suggests keeping savings separate from accounts tied to debit cards or online banking so there is less temptation to access the funds. "Most importantly, max out your retirement contributions, so you take advantage of employer matches," Lardaro said. "at is money on the table, and we are going to live long, happy and healthy retirements, and so we need to fund that." Anne Popkin, president of California-based Newday Impact Investing, said she was raised not to talk about money, but it is important for women to do so if they want to build wealth. at discussion doesn't solely have to be with a professional advisor, though Popkin also recommends that women go over their revenue, expenses and goals with a pro. "Women don't talk about money with their friends," Popkin said. "I'm not encouraging you to go out and talk about how wealthy you are, but you should talk to people about potential investments, what you need to retire, and how to get there." Trusted friends may also be going through similar financial worries and can be a resource, according to Popkin. Change needs to come at an early age, with the focus on math and invest- ing being taught to girls in elementary school and at home, Popkin said. She recommends online games for kids to pick stocks and follow them, such as the SIFMA Foundation's "e Stock Market Game," to learn invest- ment skills." n E s t i m a t e d m e d i a n r e t i r e m e n t s a v i n g s b y g e n d e r, g e n e r a t i o n , a s o f l a t e 2 0 2 1 : Join us as we induct ASML, RBC Bearings and General Dynamics Electric Boat Announcing the 2023 American Manufacturing Hall of Fame Induction Ceremonies April 13 th 8 am - 10 am $50 pp Host site: REG. NOW OPEN: AmericanManufacturingHof.com Artemis I moonshot launch, Nov. 16, 2022 supported by 44 CT manufacturers •••••• -€ ‚‚•ƒ•„ •- … †… ‡„ƒ„ƒ ‡„ƒ„ƒ ˆ• †-… Farmington, CT SOURCE: Transamerica Center for Retirement Studies Anne Popkin WOMEN: Baby Boomer $101,000 Generation X $51,000 Millennial $29,000 Generation Z $26,000 MEN: Baby Boomer $248,000 Generation X $127,000 Millennial $63,000 Generation Z $42,000

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