The Transamerica Center for Retirement survey reveals that “more than half of women workers, or 57 percent, feel they don’t have enough income to save for retirement and only 19 percent are “very confident” that they will be able to fully retire with a comfortable lifestyle. WealthMore, a new premium wealth advisor-led, tech-enabled investing and planning service with built-in community groups, shares wealth advice to help women get on the road to financial stability especially during their golden years.
“We want women to be confident and in charge of their financial wellbeing.,” Mical Jeanlys – White, chief executive officer and founder, WealthMore,
Women earn “an average of 82 percent of what men earn,” according to the Pew Research Center. The Center for American Progress reports “a woman may lose $400,000 to $1.2 million due to the gender pay gap. During the course of a 40-year career, Black women lose an estimated $964,400 to the wage gap, Native American women lose $986,240, Hispanic women lose $1,163,920, and AAPI women lose $400,000.”
Other startling statistics about women and retirement savings are listed below.
- “About 50 percent of women ages 55 to 66 have no personal retirement account, compared to 47 percent of men.” (Source: U.S. Census Bureau’s Survey of Income and Program Participation.
- “11.6 percent of women aged 65 or more years live in poverty, compared with 8.8 percent of older men. The rate is approximately 20 percent for older Hispanic and Black women and about 14 percent for older Asian women.” (Source: Women’s Bureau of the Department of Labor)
- “Thirty-five percent of women are or have been caregivers during their working careers, and most caregivers (83 percent) made work adjustments because of caregiving such as missing work (36 percent). (Source: Transamerica Institute)
Research also shows “women tend to live longer than men. This difference amounted to a five year gap in global life expectancy: the average life expectancy is 73.8 for women vs. 68.4 for men.” (Source: Our World in Data) With the longer life expectancy and gender pay gap, women are not prepared financially for retirement.
“Build an emergency fund to cover unexpected unemployment and career breaks. If it is possible, then you should continue to make retirement savings contributions, even if they are small contributions,” says Tanya Frias, head of wealth and CERTIFIED FINANCIAL PLANNER™ professionals, WealthMore.
To help women live comfortably during retirement,WealthMore encourages women to start saving early and build comfortable savings over time. Small contributions can become a major nest egg with time. Delay your retirement and to increase your retirement savings and Social Security benefits as long as your health and circumstances permit you to work longer.
Other retirement savings tips to consider are listed below.
- Take Advantage of Employer Sponsored Plans – Participate and contribute regularly to company sponsored 401 (k) or similar retirement plans. Take advantage of the employer matching program to boost your retirement savings.
- Maximize IRA and Roth IRAs Retirement Accounts – Contribute the maximum allowable amount to retirement accounts such IRAs or Roth IRAs each year. These accounts offer tax advantages and can boost your retirement savings.
- Consider Health Care Costs: Factor in potential healthcare expenses in retirement. Medicare may not cover all your needs, so plan for additional health insurance or medical savings.
- Plan For Childcare Costs: Budget for childcare expenses and explore options such as flexible work arrangements or employer-provided childcare benefits.
- Consider Long-Term Care Insurance: Explore long-term care insurance options to protect your retirement savings from potential healthcare expenses.
In addition, WealthMore recommends women take continuing education courses to stay current in your field, join professional networks for career opportunities, and seek a mentor to advance your career. Research the fair market value for your job description and negotiate your salary.
“Maintain a healthy lifestyle to reduce the risk of chronic health issues that could lead to long-term care needs,” says Tanya Frias, head of wealth and CERTIFIED FINANCIAL PLANNER™ professionals, WealthMore.
This financial app has communities such as (womenwhowealth, blackwomenwhowealth) led by wealth advisors (CFP® professionals or experienced investment advisors) to give individuals real-time advice about investing, retirement, college planning, home buying, insurance, estate planning, and taxes. WealthMore delivers hyper-personalized experiences leveraging our proprietary data and analytics and patent-pending scoring models for financial health
WealthMore only requires an initial investment of $5,000 to start individuals on a journey to financial security and freedom. WealthMore offers three plans – Invest+, Premium Advice, and Premium Advice+ – to help individuals on their financial journey.
“At an early age, I learned the importance of being financially smart from my mother at an early age. She was a stay at home mom who later became a financially independent working woman,” says Mical Jeanlys – White, chief executive officer, WealthMore.
WealthMore partnered with Apex Clearing Corporation (a subsidiary of Apex Fintech Solutions) to provide brokerage services, including custody and clearing, to WealthMore customers. WealthMore provides individuals with diversified investment portfolios, high-yield savings accounts, and fixed-income bond portfolios.
Contact WealthMore’s CERTIFIED FINANCIAL PLANNERS™ (CFP®s) to plan for retirement.
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About WealthMore
WealthMore is a premium, wealth advisor led, tech-enabled investing and financial planning service and community without the barriers to entry. WealthMore offers a diverse team of CERTIFIED FINANCIAL PLANNER™ professionals or equivalent to make investing and building generational wealth inclusive to the many that have been left out and overlooked by financial advisors. Expert financial advice from individuals who see and get you is essential to creating a more prosperous financial future.
WealthMore’s Founder Mical Jeanlys-White, a former JPMorgan Chase & Co. executive, has made it her mission to make investing and financial planning affordable for everyone, especially overlooked groups. Mrs. Jeanlys – White brings more than 20 years of experience in the financial services industry having held senior positions at JPMorgan Chase and American Express to this new venture.
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WealthMore is headquartered in Philadelphia.
About Apex Fintech Solutions
Apex Fintech Solutions is a fintech powerhouse enabling seamless access and frictionless investing. Apex’s omni-suite of scalable solutions fuels innovation and evolution for hundreds of today’s market leaders, challengers, change-makers, and visionaries. The Company’s digital ecosystem creates an environment where clients with the most significant ideas are empowered to change the world.
Apex works to ensure its partners succeed on the frontlines of the industry via bespoke custody & clearing, advisory, institutional, digital assets, and SaaS solutions through its Apex Clearing™, Apex Pro™, Apex Advisor Solutions™, Apex Silver™, and Apex CODA Markets™ brands.For more information, visit Apex Fintech Solutions.