To celebrate International Women's Day on March 8 and U.S. Women’s History Month, we have explored women as investors, as advisors, and as leaders. In 2016, our focus turns to women and retirement. For women, the questions of retirement are quite complex. At BNY Mellon, we are invested in helping women make smart moves on their path to retirement at every stage of life.
Women are unique in what they want and need from financial advice; yet they face similar challenges throughout each stage of their lives.
When faced with the prospect of preparing for retirement, all investors must grapple with complex questions: How will the markets affect my portfolio? How healthy will I be? What am I not thinking of that might send a shock wave through my plans?
Such questions assume more importance for women due to a variety of compounding factors:
What can women do to overcome these retirement challenges? Plenty, if they make smart moves at every stage of life.
A new analysis from the National Institute on Retirement Security finds that women are far more likely than men to face financial hardship in retirement. Women are 80 percent more likely than men to be impoverished at age 65 and older. The report, made possible through a grant from BNY Mellon Investment Management, was released on March 1st. The study details women’s financial security challenges and offers policy recommendations to close retirement gender gap.
With a significant milestone for women's sport globally launched in 2015 — the Newton Women's Boat Race between the University boat clubs of Oxford and Cambridge competed on the same stage as their male counterparts in the BNY Mellon Boat Race on London's Thames River. A visible display of equality that embodies BNY Mellon's commitment to diversity and inclusion in the workplace and beyond, join us as we gear up for The BNY Mellon Boat Races.
American women represent an economic powerhouse. They control two-thirds of household spending—and 70% of intergenerational wealth transfer over the next 40 years. But how well are they being served by advisors?
"Women: Investing With A Purpose: Why Women Investors May Need a Different Approach to Reach Their Goals" reveals a wide gap between what female clients need from advisors—and what they’re actually getting. It portrays a demographic too large, diverse and important ever to be called a niche, yet frequently sharing a serious disconnect between future needs and current investment strategies. The report addresses such issues as:
Access the full report here.
1 Social Security Administration. Calculators: Life Expectancy. 2015. http://www.ssa.gov/planners/lifeexpectancy.htm
2 OECD. Expected years in retirement. Society at a Glance 2014: OECD Social Indicators. s.l.: OECD Publishing. 2014.
3 Manisha Thakor and Sharon Kedar. On My Own Two Feet. 2007.
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