Women continue to lag behind men when it comes to overall financial and retirement planning, so plan sponsors and financial services companies need to do a better job of helping them do both.
Even though reports show that women have made great strides in the past 30 years, in terms of earnings and financial power, they are still at a disadvantage because many of them spent less time in the workforce, took time off for kids or to take care of aging parents, said Delia DeLisser, director of women’s marketing for ING U.S. Retirement. Many worked only part-time and have earned less and saved less than men.
ING wants its advisors to realize that women are emotional about big decisions, especially retirement planning, because they are planning not just for themselves but for their families, she said.
So what can women do to improve their overall financial strategy? The big one is to come up with a plan. Figure out how much money they are going to need for retirement and work out a way to get there using company-sponsored plans, outside savings and retirement accounts and Social Security, said Catherine Collinson, president of the Transamerica Center for Retirement Studies.