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.
Since they spent less time in the workforce, they have lower Social Security benefits and are going into retirement with less saved, she added. To magnify that, women are living longer than men, about eight to 10 years longer, so they are forced to take care of themselves until the end of their life, with whatever financial resources they have, DeLisser said.
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
- Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
- Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
