Women face different challenges than men when building a financially secure future, according to award-winning financial journalist Jean Chatzky. As part of National Retirement Security Month, health insurance research group LIMRA recently interviewed Chatzky about how financial professionals can better support women and their retirement-planning efforts.
The article, published on LIMRA’s website, indicated that women earn less than men over their lifetimes and have fewer retirement resources available, and they also are more likely to leave the workforce for caregiving.
Indeed, according to a September report from the U.S. Census Bureau, the female-to-male earnings ratio in 2024 for full-time, year-round workers fell to 80.9% (from 82.7% in 2023) — the second consecutive annual decrease. And, according to LIMRA’s data on retirement investors between the ages of 40 and 85 (with at least $100,000 in household investable assets), women are less likely than men to feel confident about living the retirement lifestyle they want.
“Women tend to have fewer retirement resources available, which could leave them vulnerable at some point in their retirement years,” said Chatzky, who also is founder of the women’s personal finance website HerMoney and an education fellow with LIMRA’s Alliance for Lifetime Income. “Research from the Institute for Women’s Policy Research suggests that, on average, women have approximately 30% lower retirement incomes than men.”
LIMRA noted that because women (who tend to live longer than men) stand to inherit twice — once from their parents and once from their husbands — they make “a highly attractive market for lifetime guaranteed financial solutions.” Women are expected to inherit $30 trillion in baby boomer wealth by 2030.
Chatzky offered practical tips for women when seeking a financial professional, including starting with referrals from friend and colleagues in similar financial situations, as well as looking for advisors with credentials and experience who understand their specific needs. Face-to-face conversations are critical, too, and Chatzky urges women to “trust their gut — if something feels off, keep looking.”
“Women don’t want to suffer lifestyle deflation; they want to be able to continue their lives, to help their children and grandchildren in their communities,” Chatzky told LIMRA. “All of those things are possible … but women need professionals and solutions to help them figure out the best decumulation strategies.”
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