Longer life spans, breaks from the workforce for child-rearing, wage gaps, and the unpredictable markets of late paint a unique retirement picture for women.
The Nationwide Retirement Institute’s 8th annual Advisor Authority study reports that 20% of women yet to retire are unsure as to whether or not they will be able to do so in the future. 15% of non-retired women feel they will not be able to retire in any capacity. 87% of women say that although they are doing all of the right things to protect and ensure their retirement, outside events (such as the recent pandemic, market volatility, and inflation) can still leave them feeling blindsided and unsure of the years ahead, “a double digit increase since 2022.”
Though our nation’s financial future may seem uncertain to many, women nearing retirement are making the necessary adjustments to better-prepare for the future. The Advisor Authority reports that 31% of women yet to retire will spend the next year cutting costs and avoiding unnecessary expenses in order to beef up their savings. And more than a quarter of these women report that they will begin managing their investments in a more conservative fashion, reducing their risk of further loss.
Seeking professional guidance for managing their portfolio is another way in which women are working towards ensuring their ability to retire and the longevity of their investments. 52% of female investors, up from 45% in 2022, are now working with financial professionals. Financial advisors can assist with crafting income plans, investment strategies, social security, tax strategy, long-term care, legacy planning and more. They can act as a sounding board for decisions you’ve already made or are looking to make. It’s not a bad idea to get a second opinion.
97% of women working with financial advisors report feeling more confident in the decisions they are making. To schedule a complimentary financial review with Moore’s Wealth Management, click here or call our office at 770-535-5000, where a staff-member is awaiting your call Monday through Friday, 9AM to 5PM.
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