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Top 10 Takeaways From Retirement DNA’s “Savvy Women, Smart Investments” Breakfast Workshop

  • 2019-05-08
  • Author: Heather Ramsay

This past March, our endorsed supplier of retirement planning, RetirementDNA, hosted a workshop on financial planning called “Savvy Women, Smart Investors” – an insightful discussion about the financial challenges women have as it relates to the workforce, including navigating life stages successfully, smart money moves for every age, and how to make 2019 the year it all falls into place.

Post-presentation, the discussion was lively and the energy palpable, as female finance professionals fueled each other with real-life case studies and best practices they’ve implemented at their own companies.

If you weren’t able to join, here are some of the high-level takeaways from RDNA’s workshop:
  1. 47% of the workforce today is female (1)
  2. 50% of women are in management or professional occupations
  3. 44% of women are their family's primary breadwinner
  4. Estimated that women make 26% less than their male counterparts (2)
  5. 60% of the caregivers in the US are women
  6. Women are twice as likely to retire for personal or familial health reasons (3)
  7. 87% of boomers have been married at least once in their lives
  8. Women are living about 5-7 years longer than men – average widow age is a young 57
  9. Women make up ~66% of the population over age 85
  10. 80% of plan sponsors reporting having employees delay retirement due to a lack of savings and increased health care costs. (4)
What keeps Boomers (1946-1964) up at night?
  • Money in motion
  • Uncertainty around Social Security
  • The rising cost of Health Care
What keeps Generation X (1965 – 1980) up at night?
  • Am I saving enough?
  • Being a caregiver
What keeps Generation Y / Millennials (1980-2000) up at night?
  • Paying off college debt
  • Health care
Trends in household debt for millennials
  • 44 million borrowers in the US hold about $1.4 trillion in outstanding student loans
  • Women represent 56% of those enrolled in American colleges and universities
  • Women hold about two thirds of that – about $900B
What millennials want from their employers: (5)
  • Misconception is: "Flashy workplace benefits geared towards millennials such as trendy decor, student loan repayment assistance, onsite cafes, dog-friendly offices, relocation and travel privileges, improved leave policies, free snacks & more”
  • In reality: 34% of millennials chose health care as the most important benefit their employer can offer – over vacation time, perks, stake in company
For more information, and to learn more about the exclusive retirement benefits available for Biocom members, please contact Dan Dubois at ddubois@rbgadvisors.com.

(1): 1948-2016 annual averages, Current Population Survey, U.S. Bureau of Labor Statistics
(2): U.S. Census Bureau, 2016
(3): MFS Retirement Income Survey, 2018
(4): Research Now, independent market research company, online survey of 1,106 plan sponsors on behalf of Fidelity during February and March 2017
(5): Fit Small Business Employment Survey, 2017