HILTON HEAD, S.C. Financial services companies are missing out on a tremendous opportunity by not meeting womens retirement needs, according to a presentation here at the Retirement Income Conference, sponsored by the National Association for Variable Annuities.
Mathew Greenwald, president of Mathew Greenwald & Associates, discussed results of a study conducted by his firm, Mercer Resource Consulting, and Marsh & McLennan Companies. When it comes to retirement, women have special issues that are driven by life spans, work history and wages.
The opportunity for financial services companies is enormous, Greenwald said. By 2019, two-thirds of those with more than $500,000 in savings will be female. Generally, however, financial services companies have not focused on women and these special needs.
In particular, women need to consider how the loss of a spouse will affect Social Security benefits, expenses, and caregiving. Older men are more likely to receive caregiving at home than older women. Therefore, women need to have an understanding of the growing cost of long-term care and the likelihood of needing skilled care. Nearly one-fifth of Americans aged 85 and older are in a nursing home, and 72% of nursing home residents are female.