Women who are entering retirement now face more financial risks than their male counterparts The largest cohort of baby boomers is poised to reach age 65 between now and 2030. And women — who make up 52% of those “peak 65” boomers — are more likely to struggle in retirement compared with their male peers, according to a new economic impact study released by the Alliance for Lifetime Income, a Washington, D.C.-based nonprofit focused on retirement education. “There is a very persistent disparity between the assets of men and the assets of women,” said economist Robert Shapir ..read more

Survey reveals gender gap in retirement readiness and confidence among employer-sponsored retirement plan participants In a year where more Americans are reaching 65 than ever before, lingering economic concerns are casting a shadow over many workers’ retirement prospects. Research from the Nationwide Retirement Institute® (NRI) reveals a gender disparity in retirement confidence and readiness among current U.S. workplace savers as women report more challenges than their male colleagues. NRI’s In-Plan Protected Retirement survey of 1,200 employer-sponsored retirement plan p ..read more

Insights regarding challenges women face while trying to meet retirement savings goals and what they can do about it. Women differ from men in countless ways, including how they plan for retirement. GOBankingRates interviewed Regina McCann Hess, CFP, certified divorce financial analyst and author of Super Woman Wealth: How To Become Your Own Financial Hero, to get her take on women and their retirement planning goals. Hess, who has more than two decades of financial planning experience, has dedicated her career to empowering professional women to take an active role in their finances ..read more

Roughly 13 percent of Gen X-ers in the United States—ages 39-64—are still paying off student debt, with an average of $40,000 threatening their potential retirement plans in a decade or so, according to the National Institute on Retirement Security. Gen X woman avoided racking up thousands in student debt, but she still sees no way to a comfortable retirement as she balances financial responsibilities for her child and parents. Roughly 13 percent of Gen X-ers in the United States—ages 39-64—are still paying off student debt, with an average of $40,000 threatening their pote ..read more

Aging, Caregiving, & Financial Costs Finding Resources & Improving the Pathways Forward April 10, 2024 Hosted by WISER and the Consumer Financial Protection Bureau (CFPB) AGENDA SPEAKER BIOS Speaker Presentations: [Download presentation slides individually below or click here for a copy of all presentations combined.] Lightening Rounds – The financial impact of caregiving Longevity Report: Increasing Age Has Increased Need for Family Caregiving, Anne Ollen, TIAA Institute Financial Literacy Needs for Older Women, Amy Hinojosa, MANA, A National Latina Organization Key Challenges & I ..read more

Link to the online article Wondering how to overcome retirement obstacles? While the journey may bring setbacks, with careful planning, you can surmount them. If you’ve ever embarked on a big undertaking, whether it’s running a marathon or cleaning out your garage, you have probably encountered impediments that delayed or derailed your progress. Some — a knee injury, for example — are significant. Others are more accurately characterized as excuses; you’re not sure what to do with those old cans of paint, so you decide to watch Netflix instead. Similarly, you’ll likely face barriers ..read more

Link to the original article Lower pay, fewer promotions and career breaks to have children make saving difficult; as a result, the poverty rate for older women is rising By Terri Williams for NextAvenue | Women live longer than men after the traditional retirement age of 65 — 18% longer, on average — yet women save less than men do to support themselves in retirement, Census Bureau data shows. About half of all women aged 55 to 66 have no personal retirement savings at all; the same is true for 47% of men, Census says. The difference is greater for people who have saved at least $100,000 ..read more

Link to the article A new survey finds most Americans get an F on understanding key financial aspects of retirement. Kerry Hannon · Senior Columnist, Yahoo!Finance Most Americans between the ages of 50 and 75 flunked a retirement income literacy quiz that tested their knowledge across a dozen areas, including inflation, investments, long-term care costs, and Social Security, according to The American College of Financial Services’ recently published Retirement Income Literacy Study. The average retirement income literacy grade on the exam was 31% — out of a possible score of 100%. Talk a ..read more

Link to this article By Kathy L. Lee, Assistant Professor of Gerontological Social Work, University of Texas at Arlington for The Conversation Millions of Americans have become informal family caregivers: people who provide family members or friends with unpaid assistance in accomplishing daily tasks such as bathing, eating, transportation and managing medications. Driven in part by a preference for home-based care rather than long-term care options such as assisted living facilities, and the limited availability and high cost of formal care services, family caregivers ..read more

Link to the article Most part-time workers in America are women – leaving them with less access to retirement plans and less money to sock away. By Lisa Rabasca Roepe for the News York Times When Robin Giles asks women why they aren’t saving for retirement, they often say the same thing: They don’t make enough money. “It’s hard to convince people who are just scraping by to feel like they have money to put into retirement savings,” said Ms. Giles, a certified financial planner in Katy, Texas. Socking away money in a retirement account that can’t be touched without penalty until age 59 ..read more