“Just talking about money with friends can be powerful and empowering. Talk leads to action.”—Lorna Sabbia, head of Retirement & Personal Wealth Solutions, Bank of America Merrill Lynch

Forty-one percent of the women surveyed for “Women and Financial Wellness: Beyond the Bottom Line,” a 2017 Merrill Lynch study conducted in partnership with Age Wave, said that “they wish they had invested more of their money” and only about half (52%, compared with 68% of men) said they felt confident about investing. “Just talking about money with friends can be powerful and empowering,” says Lorna Sabbia, head of Retirement & Personal Wealth Solutions, Bank of America Merrill Lynch. “Talk leads to action.”

To get the conversation going, you might start an investing book club or circle discussion group. A money-circle group gives you and your friends the opportunity to share financial goals and ideas, ask questions and learn from one another.

You can also try creating a stock watch list online. Check the performance of the stocks you’ve selected on a weekly basis. It costs you nothing to do that—and it’s a great way to begin to get a sense of how the stock market works.

Ideally, you should try to save at least 15% of your salary every year. This is particularly sound advice for women, who live longer than men and can be at risk of outliving their assets. But the wage gap can make saving difficult. Last year women earned 82% of what men earned, according to a Pew Research Center analysis.¹ “That puts women at a retirement savings disadvantage,” says Lorna Sabbia, head of Retirement & Personal Wealth Solutions, Bank of America Merrill Lynch. If you’re earning less, you’re likely to save less as a result.

“Try to increase your savings a little every year—when you get a raise, increase the amount you put away for your future.”—Lorna Sabbia, head of Retirement & Personal Wealth Solutions, Bank of America Merrill Lynch

Sabbia recommends sharpening your negotiating skills. “Then ask for a raise, if you think you deserve one. Try to put as much away as you can toward your retirement—you’ll be glad to have the financial resources you need when you reach retirement.”

If 15% isn’t possible, at least see if you can contribute enough to qualify for the full match, if your employer offers one. Many employers require you to put in between 4% and 6% of your pay to get the maximum match. “It’s like free money,” notes Sabbia, “so do your best to capture it.” And then try to increase your savings a little every year—when you get a raise, increase the amount you put away for your future.

This is a tricky one. It’s certainly appropriate to have joint accounts and a mortgage in both your names. And separation of money can trigger feelings that one partner doesn't trust the other. But generally, it’s smart to keep separate retirement accounts, a bank account, and at least one credit card—plus a utility bill—in your own name.

“There are several reasons for the ‘me, you and us’ approach.”—Kirstin Hill, managing director, Global Wealth and Investment Management at Bank of America Merrill Lynch

There are several reasons for the “me, you and us” approach, says Kirstin Hill, managing director, Global Wealth and Investment Management at Bank of America Merrill Lynch. It’s important to preserve your access to your own spending money. It’s also not unusual for couples to have different investing styles—you may prefer to invest more aggressively than your spouse, for instance—and having your own brokerage account allows you to express that style. It’s critical to maintain a financial identity in your own name for another important reason, as well: Should the unthinkable happen and you divorce or become widowed, having a solid credit history and financial accounts in your name can help smooth the way as you transition to a solo financial life again.

Chances are you can, as long as you and your spouse have planned ahead financially. If you’re thinking of taking a career break, it’s a good idea to sit down with an advisor and discuss the impact relying on one income, instead of two, might have on your family’s finances. Keep in mind that during that period you won’t be socking away money for retirement through an employer plan. What you can do, says Kirstin Hill, managing director, Global Wealth and Investment Management at Bank of America Merrill Lynch, is have your spouse contribute to a spousal IRA, instead.

Staying in touch professionally by attending conferences or consulting can help you if or when you decide to re-enter the workforce, she adds. Read “Can You Afford to Be a Stay-at-Home Parent?” for more insights.