Here’s to Strong Women & Big Retirement Dreams

8th Mar 2022

what financial advisors are reading woman on tablet

Key Takeaways

  • Many female investors have adapted to the “new normal” and become more proactive in financial planning
  • About one in five women feel they are on the wrong track for retirement
  • Defined Benefit plans may allow small business owners to catch up on retirement savings through large tax-deductible contributions

At Dedicated DB, we’re happy to celebrate International Women’s Day this year – including all of the business leaders, frontline workers, educators, students, volunteers and other trailblazers. So much progress has been made in the retirement industry to help women take the initiative and achieve their retirement goals. However as we’ve seen in recent news, there are still more paths to forge and barriers to overcome. According to a recent study, about one in five women feel off track for retirement – partially as a result of the pandemic. Other groups of women have adapted to the “new normal” which has been created by the pandemic. As a result, they are more optimistic about their financial outlook compared to last year. How can female professionals stay on top of their retirement goals – especially if they’re trying to make up for lost time? There are catch-up strategies like Defined Benefit plans, which may allow women who are high-earning, self-employed professionals to make large tax-deductible contributions to their retirement each year. Here’s a roundup of articles about industry trends affecting women in business.

Female Investors Become More Proactive in Financial Planning

Having adapted to the “new normal” created by the pandemic, women have become more proactive with their finances. A recent study by Nationwide Retirement Institute found that 49% of women were optimistic about their financial outlook in 2021, up from 32% in 2020. The findings also show that 83% have a strategy to generate guaranteed income in retirement. Plus, two-thirds of female investors reported that working with an advisor was the main reason for feeling confident about their financial futures.

Via ThinkAdvisor

FAs Weigh In: Female FA Mentors are Storytellers, Counselors, Inspirations

Various female financial advisors share their views on how mentors can help advisors hone their skills and build their businesses. Some of the reasons for seeking a mentor include career development, relationship building and professional advice – which often can be “priceless.” A good mentor will want to see their mentee be successful and will commit the time and the resources. Fortunately today, there are more established mentoring programs and networking groups specifically catering to women professionals in financial services.

Via Financial Advisor IQ

Women Feel Off Track for Retirement

The pandemic has sent many women’s retirement plans on a new trajectory with a recent report showing that women’s confidence in retirement planning is seriously shaken. According to Nationwide Retirement Institute’s report, nearly one in five (18%) women feel they are on the wrong track for retirement, and the same percentage expects to retire later than they originally planned due to the pandemic.

Via 401(k) Specialist

10 Financial “Pearls of Wisdom” from Mothers to their Daughters

Women’s History month is a time to recognize women who have pushed the next generation of women forward. It’s also an appropriate time to thank women in our lives who made a difference in our careers, investments and retirements. Those women, achieving things great and small, have paved the way for future generations to go further. To gain more power. To get closer to equality. This article shares a collection of advice from mothers, which can be passed along to daughters and anyone wanting financial success.

Via TheStreet

Why Women Need to Take a More Active Role in Their Financial Futures

Women often fall into the pitfall of letting someone else make all their financial decisions. However, they can start taking control of their finances by reviewing the five basics of a good retirement plan: income, investments, taxes, health care and legacy. In addition, it’s important for women to find an approachable financial professional, who establishes trust and who is available to answer questions. Lastly, women should find ways to educate themselves as much as possible – such as reading, watching webinars and attending in-person events.

Via Kiplinger

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