Closing the Gender Gap in Retirement Planning

Closing the Gender Gap in Retirement Planning

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2016-12-09

 

It’s no secret that there is a gap in earnings between men and women, and while great strides have been made toward gender equality, how does that translate into retirement preparations?

A recent survey revealed some interesting points. Only about 25% of women felt very confident about their retirement planning decisions, whereas with the men it was much higher - almost 60%. 

An interesting side note - the respondents of this survey were between the ages of 25- 35, which makes them Millennials. 

Another aspect that may be part of the equation is that more women said they felt they would have to work longer to ensure a comfortable retirement.  And given life expectancy statistics that is actually a realistic concern. 

On average, 60-year-old Americans can expect to live another 20 or 25 years, depending on their gender and other variables. And most seniors can also count on a couple of extra years free of disease and disability compared to 60-year-olds of just 15 years ago due to improved medical treatments. 

Interestingly enough though, when a financial professional assisted the people surveyed - the gender gap completely disappeared. Both men and women came in at about 75% confidence. 

The gender gap was far less pronounced in other aspects of the survey, and it opens the subject to discussion. It would seem that women are more likely to express uncertainty about their financial preparedness when it comes to retirement. But both men and women may benefit greatly from consulting a financial professional. 

 

 

IMPORTANT DISCLOSURES

Material contained in this article is provided for information purposes only and is not intended to be used in connection with the evaluation of any investments offered by David Lerner Associates, Inc. This material does not constitute an offer or recommendation to buy or sell securities and should not be considered in connection with the purchase or sale of securities.

To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. 

Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.

These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable-- we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

David Lerner Associates does not provide tax or legal advice. The information presented here is not specific to any individual's personal circumstances. Member FINRA & SIPC

 

Tags: David Lerner Associates, Retirement Planning, Women and Finances, Gender Gap

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About

Founded in 1976, David Lerner Associates is a privately-held broker/dealer with headquarters in Syosset, New York and branch offices in Westport, CT; Boca Raton, FL; Teaneck and Princeton, NJ; and White Plains, NY. For more information contact David Lerner Associates Call 516-921-4200 Visit our website: www.davidlerner.com

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Contact

Jake Mendlinger
Account Manager
Zimmerman/Edelson
516.829.8374 X 232
jmendlinger@zimmed.com

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