03.27.24
Women Feeling Derailed With Retirement Savings
by: Amanda Umpierrez
As more Americans turn 65 than ever before, a report by the Nationwide Retirement Institute (NRI) finds that more women believe they are on the “wrong track for retirement” while others are concerned about outliving their savings. NRI’s In-Plan Protected Retirement report surveyed 1,200 employer-sponsored retirement plan participants and found that 23% of women believe they are off track for retirement compared to 15% of men, and 52% are worried they will outlive their savings. Research from New York Life’s Wealth Watch, meanwhile, found that while women are confident in managing their short-term finances like saving for emergencies and paying bills, they are much less confident than their male counterparts in building wealth, creating investment portfolios and understanding protection products like insurance and legacy planning. “Financial education for women is evolving – Gen Z and Millennial women report having received formal financial literacy education at much higher rates than Gen X and Baby Boomer women,” said Jessica Ruggles, corporate vice president of financial wellness at New York Life. “Financial experiences and confidence vary by age, suggesting the need for women to seek individualized support and guidance from a financial professional.”
Read the full article on 401K Specialist