Studies show that women who work with a financial professional to create a plan for their financial security are better prepared for retirement. In this article, we’ll take a look at what thought leaders are saying about the retirement reality for women.
Studies also indicate that while women have a desire to increase their knowledge of finances and retirement planning, they don’t take action. I believe one reason is because the financial services industry is a turn off to women because they’ve systematically catered to men.
Another reason is that women are quite frankly too busy. Depending on our roles and family position, we wear many hats and juggle far too many responsibilities. Leaving very little time for financial and retirement planning.
In light of our busy daily schedules, women have come to view taking charge of finances as an important but not urgent task. But I’d like to suggest a paradigm shift:
For women, taking charges of finances needs to be an extremely urgent and important task.
Perhaps hearing from the experts will wake us up to reality.
Industry thought leaders comment on retirement reality for women
“Boomer women are waking up to the fact that they will need more money than they thought to live comfortably in their later years, and will view work as a transition to or an integral part of their retirement.”
Sandra Timmermann, Director, MetLife Mature Market Institute
“The fate of boomer women could be worse than their predecessors’, as this generation spends more, acquires more debt, and is less likely to have traditional pensions, spousal benefits, or retiree health-care coverage.”
Cindy Hounsell, President, Women’s Institute for a Secure Retirement
“Policymakers have long ignored the plight of boomer women approaching retirement with insufficient resources. This needs to change, and quickly.”
Anna M. Rappaport, President, Anna Rappaport Consulting
“Compared with male retirees, female retirees will have lower wealth and incomes, higher poverty rates, and a larger share whose incomes are below 45 percent of the national average wage.”
Barbara A. Butrica, Senior Research Associate, and Cori E. Uccello, Consultant, Urban Institute
“The Social Security system needs to be modernized to address the needs of the boomer generation of women and the generations of women following their path breaking footsteps.”
Heidi Hartmann, President, Institute for Women’s Policy Research
Don’t let all this data get you down or trigger fear about your financial future. Instead, take action and be your own advocate for financial security.
How do you do that?
Increase your financial literacy by reading books about women, money, and retirement.
You can find more of my articles on Women and Retirement HERE.
There’s enough reading for you here on this website for the next several months if you read one article a day.
The HerMoney article, Yes, Even Higher-Earning Women Are Worried About Money, provides three tips to get on track with a successful retirement plan.
Here’s to your financial security!
Hello, I’m Patti! I’m a Christian Life & Money Coach, Ramsey Solutions Master Financial Coach, Health Coach, writer, and former retirement planner. I’m also an award-winning co-author of She Writes for Him: Stories of Resilient Faith (Redemption Press), and prayer warrior, serving on the prayer team at my local church.
My mission is to provide inspiration, coaching, tools, and resources to help you claim all the goodness and abundance God has for you.