On Oct. 20, The Wall Street Journal ran a special advertising section on the problems women may face in their financial and retirement planning, and I hope the women who read this section were motivated to take action.
The section stated that, according to the Labor Department, less than half of the wage-earning women in the U.S. participate in a retirement plan, and since women generally live longer than men, they will need to have more funds available for their retirement. Sounds like a disconnect to me.
Also stated was the fact that women are more likely than men to make shifts in their careers specifically to give them more flexibility. This may reduce their earning capacity leaving them financially vulnerable as they approach retirement.
And speaking of vulnerable, only 16 percent of women surveyed in a 2009 Mass Mutual study felt they had enough insurance coverage through their employer, and this same study found that more than 40 percent of women are worried about outliving their retirement savings.
Perhaps it is time for those in the industryagents and advisorsto reach out to female clients to offer professional financial advice, and for women who are reading this to call your financial professional today.
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