A recent survey by Prudential reported that 54% of women are
primary breadwinners, but men on average were more likely to say they are on
track to meet their financial goals. Only 54% of women have put aside money for
retirement compared to 61% of men. And when asked about their financial future,
52% of women said they were very worried compared to 42% of men.
Women face unique obstacles in securing the necessary roadmap for retirement. But as Milliman’s Christine Jello, Suzanne Norman, and Pat Renzi say in their article, “Women and retirement,” there is reason to be optimistic that, through innovative technology and an industry aware of women’s purchasing power, more resources are becoming available to help them chart their financial futures.
While employers may want to provide better options to their employees, the fiduciary, financial, and administrative hurdles are steep. Retirees will have to pick from a small list of solutions until new alternatives are developed. This article by Milliman’s Kari Jakobe summarizes some of the existing approaches commonly used by retirees to convert their retirement distributions into a lifetime of retirement income.
The latest issue of Milliman’s Benefit Perspectives features two articles that focus on 401(k) plans and retirement income. “Helping employers in their retirement: 401(k) decisions, decisions, decisions!” by Jinnie Olson explores options employers can implement to help employees access retirement savings. A second article, “Helping 401(k) plan participants calculate withdrawal rates in retirement,” by Matt Kaufman, focuses on calculating withdrawal rates in retirement.