Help women break through their retirement roadblocks

Women represent one of the most significant opportunities in financial planning, but advisors must help women build and protect their financial independence.

Heather Schreiber, owner of HLS Retirement Consulting, gave insights on how to help women grow, protect and retain their wealth during a recent webinar for the National Association for Fixed Annuities.

A historic shift in wealth is occurring as baby boomers pass on their assets to younger generations, with about $30 trillion expected to be controlled by women by 2030, Schreiber said. Three in five women lead or share in household financial decisions. Yet an engagement gap exists between women and professional advice. Although 56% of women said working with an advisor would help them reach their financial goals, only 32% of women said they work with an advisor.

“Advisors have an opportunity to build trust and connection if they understand women’s unique challenges and deliver tailored strategies and education,” she said.

Advisors must understand what women want from a financial partnership, Schreiber said. Women value empathy, communication, education, collaboration and personalized solutions. Advisors also must recognize women’s top financial priorities as retirement security, emergency savings, predictable income, and covering healthcare and long-term care costs.

Women's retirement roadblocks

Women have their own set of retirement roadblocks, she said. The biggest roadblock is lower lifetime earnings, which lead to lower retirement outcomes. Career breaks and pay gaps reduce lifetime earnings, which results in lower Social Security benefits and savings. Women’s longevity risk is another retirement roadblock, with women facing higher healthcare and long-term care costs as they have longer average lifetimes than men.

Women’s higher risk of widowhood is also a roadblock to a secure retirement, Schreiber said, as the loss of a spouse often means a loss of income plus higher taxes. Divorce also impacts women’s financial outlook, with 45% of women reporting a decline in their standard of living after divorce.

Advisors must reframe their role from reactive to proactive in helping women achieve their financial goals, she said. Advisors must anticipate women’s needs and help them plan before life’s transitions occur.

Women often have less room for error when it comes to retirement savings. Schreiber said advisors must encourage women to participate in retirement saving early, capturing employer matching contributions and building consistent saving habits. Women must start saving for retirement early before life gets busy with caregiving responsibilities, and even small contributions can create meaningful long-term solutions.

Taxes in retirement are another concern

Taxes in retirement are another concern that advisors must address with women, she said. Women often end up with less income and higher tax exposure in retirement. The reasons include longer life expectancy, greater chance of widowhood, higher probability of filing single later in life, increased potential for IRMAA and Social Security taxation exposure, and the likelihood that future tax laws will impact retirement income.

“The goal is not to predict future tax rates,” she said. “The goal is to create flexibility to adjust if something happens.”

Long-term care impacts women’s retirement – not only their own potential care but that of their parents. Schreiber said advisors must ask women about their parents’ long-term care plan as well as their own plans, as women often financially support aging family members or drop out of the workforce early to provide care.

Schreiber said advisors should be a resource beyond finance when working with women. “Be a connector – not just an advisor,” she said.

“Women who feel heard, educated and protected often become lifelong advocates,” she said. “It’s about understanding, appreciating, emphasizing and planning for what will happen to them.”

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