(973) 287-3557

Retirement

Women on the Rise

Women on the Rise Conquering: Unique Retirement Challenges. Financial success is a goal for many, but women face unique barriers that can make that goal more difficult to achieve. Understanding today’s financial landscape can help women rise to the challenge, know their worth, and take control of their futures.Daunting Realities Although history has seen some significant progress for women over the last century, there’s still a long way to go toward financial equality. Women make 82.3 cents for every dollar their male counterparts make in a similar job. (1) The average Social Security retired worker benefit for women is $16,496 per year, compared with $20,921 for men. (2) 46% of married women in their 50s in two-income households are at risk of being unable to maintain their standard of living in retirement. 32% of married women in their 50s in one-income households are at risk of being unable to maintain their standard of living in retirement. 40% of single women in their 50s are at risk of being unable to maintain their standard of living in retirement. (3)Enormous Potential The truth is, women wield a huge amount of influence over the economy, and their impact is only likely to grow. Women control 51% of all personal wealth in the United States today. (4) Over the next 40 years, women stand to inherit $28.7 trillion in intergenerational wealth. (5) On average, women save 9% of their salary. That’s almost a full percent higher than men. (6)Increasing Impact The numbers don’t lie: more women are successfully founding and leading businesses than ever, with impressive results. There are 114% more women entrepreneurs than there were 20 years ago. (7) Black women own 42% of new businesses owned by women and 36% of Black-owned employer businesses. (8) Women launch more than 1,200 new businesses every single day in the U.S. (9)Support for the Journey Many women report having strong relationships with their financial professionals. In fact, 70% of women say they would refer their financial rpfessional to a friend or relative. Whatever your financial needs, we're here to help (10). Sources: 1. DOL.gov, 2021; 2. SSA.gov, 2020; 3. Prudential.com, 2019 (latest data available); 4. FA-mag, 2020; 5. Visualcapitalist.com, 2019; 6. Visualcapitalist.com, 2019; 7. WhattoBecome.com, 2021; 8. Forbes.com, October 26, 2020; 9. BusinessNewsDaily.com, 2021; 10. ML.com, 2021
Share |

Have A Question About This Topic?

Thank you! Oops!
 

Related Content

The Lowdown on Those Free Credit Scores

The Lowdown on Those Free Credit Scores

What’s the deal with your yearly free credit report?

Tax-Advantaged Retirement Strategies

Tax-Advantaged Retirement Strategies

Heading into retirement with confidence is easier if your strategy includes steps to help minimize taxes. Even though your income is likely to decline, you still could be subject to high taxes if you’re not careful.

Business Owner’s Guide to the New Normal

Business Owner’s Guide to the New Normal

What’s your most pressing priority right now? This interactive guide will walk you through the process of assessing your business priorities and provide actionable insights to bring them to fruition. You can also take the self-assessment to help you get started on planning your next steps.