Welcome to the official Sandy Spring Bank Blog! To visit our main web site, visit www.SandySpringBank.com
August 12th, 2014 |
By Jennifer O. Cumming, Vice President, CFP® and Senior Investment Advisor
I recently had lunch at Sandy Spring’s new Bethesda Financial Center and with two of my colleagues, Laurie Kramer, CFP® and Senior Vice President and Barbara Mulitz, Vice President.
As we discussed information we had recently read about women and retirement planning, we all agreed that retirement planning for women should be different than retirement planning for men. Why? During retirement, women have different, and often greater, economic needs from men. Women are retiring in greater numbers every year with varying degrees of financial security, so we want to ensure they are equipped with the information they need to make informed retirement decisions.
To start, here are some of the gender differences to take into consideration¹:
Because women are likely to be the surviving spouse, there is a greater possibility that health care costs for an ailing spouse will deplete already limited resources. Simply put, women need more money in their retirement savings accounts than men.
However, only 45% of working women participate in a retirement plan¹. Why is this?
While we know that women understand the importance of investing, saving, and building a strong financial program, they often aren’t sure where to begin. This is a long-term commitment, so women also need to receive clear and relevant information throughout the entire journey.
So, what are our four tips for getting started?
This is just the start of the conversation. We will continue to discuss financial issues for women, including more about retirement planning, in upcoming blogs. But, this is not a one-way conversation. We invite you to join our ongoing discussion, and we welcome your questions, suggestions and comments. Look for us here, as we continue to share information through our blog, and watch for invitations to join our in-person seminars starting in the fall of 2014.
* NOT FDIC INSURED * NO BANK GUARANTEE * NOT A BANK DEPOSIT * NOT INSURED BY ANY GOVERNMENT AGENCY * MAY LOSE VALUE *