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Thursday, April 26, 2012

1:00 PM - 1:50 PM

WOMEN AND RETIREMENT: WHAT’S THE PLAN?

Karen Wimbish Director, Retail Retirement, WELLS FARGO & CO.

 

Women Much Less Confident than Men in Retirement Security

Affluent women surveyed are significantly less confident about retirement than men. The least confident of all are single women, and the most confident are married men.

“Despite the fact that women hold half the high paying managerial positions in the U.S. workforce and they make a majority of household buying decisions, women continue to lag behind men in their confidence in preparing for retirement and this is particularly true for single women,” Wimbish says.

  • Twice as many affluent women as men agree they will need to work until age 80 to have enough savings to live comfortably in retirement (18% of women vs. 9% of men).
  • Less than half of women (42%) with investable assets of $100,000-$250,000, say they have a written plan versus 59% of women with assets greater than $250,000.
  • Nearly one third (31%) of affluent women say they aren’t confident they will have enough saved to live the lifestyle they want throughout their retirement, vs. only 18% of affluent men.
  • Single women are the least confident that they will save enough to retire comfortably: 44% said they weren’t confident, compared to 27% of married / partnered women and 17% of married / partnered men.
  • Among affluent women, – who are the lead drivers of America’s consumer economy – two in five (42%) say they need to significantly cut back spending today in order to save for retirement, vs. 34% for men.
  • Asked to name their biggest fear about retirement, 48% of affluent women said they fear they “will do all the right things today and it still won't be enough for tomorrow,” vs. 35% of affluent men. Affluent women are less likely to say they “have no fears, it will work itself out” than men (42% for women, 55% for men).
  • Women are more likely than men to cast aside the idea of a retirement age, with 80% of women vs. 67% of men saying it is more important to have a specific amount saved before retirement, regardless of age, than it is to retire at a specific age, regardless of savings.

Karen Wimbish, Director of Retail Retirement at Wells Fargo, will discuss recent retirement planning trends for affluent women investors and share five critical steps to help you not only open the conversation with your clients, but also increase your business within this $7 trillion market. 

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