Statistics show that women tend to outlive men, which means your female clients may need additional guidance on ways to protect their assets so they don’t outlive them. How can you help ensure their plans withstand the test of time?
March is Women’s History Month, which celebrates the many contributions women have made in United States history. So, what better time to focus on the unique retirement savings needs of your female clients? The good news is that people in general are living longer these days, but it does create a retirement-planning challenge. Longevity risk in retirement is the most significant factor when creating plans because it is the hardest to gauge. Planning in advance may help balance the blessing with the risk that longevity poses. Here are some considerations.
First, let’s examine why longevity is even considered a risk in retirement planning. As simple as it is to say that women are living longer so they need to save more, let’s consider why they need to save more.
As we celebrate women this month, realize that factors such as living longer, taking years off from work to raise children, and other special circumstances could limit your female clients’ abilities to save and plan for retirement as efficiently as your male clients. Your guidance could mean the difference between a successful retirement and one full of worry about money.
Contact your female clients today and schedule a time to talk through their individual circumstances. They’ll appreciate your understanding of their unique challenges. You also can schedule a Women.Confidence.Retirement. seminar to share our client-friendly materials that speak specifically to women.
1 Employee Benefit Research Institute & Greenwald Research, 2021 Retirement Confidence Survey Summary Report.
² Paul Fronstin, Ph.D., and Jack VanDerhei, Ph.D., Projected Savings Medicare Beneficiaries Need for Health Expenses Spike in 2021. Employee Benefit Research Institute, Jan 20, 2022.
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