Although Baby Boomers are the notorious group for not saving enough for retirement, women have not saved as much as men and they need guidance for retirement planning. Women typically have saved $108,000 for retirement compared to $150,000 for men.
This Website Is For Financial Professionals Only
Lack of income and too much debt are reasons that both genders have not saved enough. Fewer women are aware of how much money they will need during retirement and almost 70% of women say in a recent study that they look to family and friends to give them advice.
Women and others who are experiencing significant growth in control over investment decisions may offer a new segment of revenue growth to advisors who understand their approach to investing and the different needs they may have. The low savings numbers show that both genders still have compelling needs for retirement planning