The U.S. is currently faced with the largest generation in its history to reach retirement. And while the baby boomers broke records due to the massive population spike, that doesn’t mean the should reinvent the age to retire.
According to a recent study, more than 85 percent of women are the chief purchasing officer or financial decision maker in their household.
A LIMRA Secure Retirement Institute survey revealed that among consumers aged 50 -75 with $100,000 or more in household income women are more likely than men to be concerned about running out of money in retirement (46 percent vs. 35 percent).
Financial professionals are working with more female clients now than ever before. Women are increasingly becoming the primary breadwinner and the financial decision maker of their households. But despite their increased responsibility, many report feeling underprepared when it comes to long-term financial planning. Learn their top concerns and where life insurance can play a role.
When discussing your clients’ financial futures, a great deal needs to be taken into consideration. And while there are some factors you can do your best to predict – the approximate year of retirement, for example, and what the cost of living for a given area will be – there are also a large number of events that could dramatically change the course of your clients’ retirement plans.