Retirement is scary. And women may have more reason to be fearful. According to numerous studies, they are living longer, making and saving less money than their male counterparts.
And, so, it's no surprise that the topic came up at TheStreet's Retirement, Taxes & Income Strategies Symposium held recently in New York City. Sixteen of the top retirement experts joined Retirement Daily editor Robert Powell, who is often referred to as "Mr. Retirement". He was joined by 16 leading retirement experts for an all day to help a packed room of attendees prepare for the lifestyle everyone wants in retirement.
Watch the video above as Bruce Wolfe, Principal at C.S. Wolfe & Associates, Roger Ma, Founder of lifelaidout and Jack VanDerhei, Director of Research, Employee Benefit Research Institute join Powell to discuss the challenges facing women in retirement.
Powell says, " I think what is perhaps the biggest trend that we haven't talked about, which is that this will become the century of women, of females, and that they'll be ... Women will take over the world.
Powell, "Women will outlive men, they will outnumber us in both ... Whatever. We have 10 minutes left, we'll answer this one last question then we'll take questions from the audience. Any thoughts about the age of women? And, what to expect in terms of the future?"
Wolfe says, "... when you think about women and you look at the information about them, there's a lot of very interesting statistics that will, I think kind of play out. For one, they're more conservative, they're more process oriented than men are. And so, I think that will start to have implications on say your business. And certainly the business of financial advisors as they start to more and more deal with the female side of the house in a sense, in terms of managing assets."
Pay Gap for Women
"I think the other big dynamic around women, and we're starting to see that is there's been salary discrepancies, and basically the gender inequities that have been out there. I think that is starting to get rectified, which certainly it should of probably 10, 20, 30 years ago. I think the interesting dynamic in that, is one of the reasons that there's been an inequity is that women have to leave the workforce, or many of them do when they have children. And so, I think it's going to be very interesting to see about how that gets rectified."
"I think it will become more common for individuals to kind of come and go from the workforce, come and go back to school, well into their 70s and 80s. And so, I think that actually will kind of work well as it relates to this gender difference that we seen."
Ma says "Yeah, I think there already a lot of companies are already offering that flexibility of a large amount of maternity leave for women to leave and come back. I think they also put it on par where they're giving men more paternity leave as well, and making them take it. So, it's not seen as a negative that you feel this pressure to rush back. I think there'll be that added flexibility"
VanDerhei says, "...we modeled exactly the components that Bruce talked about, and even if you look at the youngest cohort we model, 35 to 39, the average retirement deficit for single male would be $36 thousand. The average retirement deficit for a single female is almost twice that, $70 thousand."