Mothers Day Reality Check: 10 Obstacles to Womens Retirement Goals
For Mother’s Day, millions of American women could use the gift of solid retirement planning. But before offering investment advice, wealth managers need to know the challenges women face.
And while women today are more financially independent than they were in previous generations, far too may are still financial unprepared (in general and in comparison to men) for retirement.
Not only do women live longer than men, they often are the sole caregiver – or assume that role following a divorce – for their children, a responsibility that, according to a recent MetLife survey, comes with an average price tag of $324,000 in lost wages, lost Social Security benefits and other lost opportunity costs over their lifetimes.
Here’s a closer look at 10 of the biggest challenges women of all ages face saving and investing for retirement.
Sources: ING Retirement Research Institute and the Society of Actuaries.