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In the first two articles in our Women Business Leaders and Retirement Preparedness series we may have eluded to a not so optimistic retirement future for women business leaders. However, most women business leaders understand the significant financial and caregiving demands they must bear outside of the financial demands of their business. It’s easy to understand how women face the prospect of running their business and working seemingly “forever” in order to make the professional and personal demands placed upon them all work.
Well, here we change directions and instead sounds like the horns of triumph! Just as women business leaders have depended upon their resourcefulness in running their business(es) every day, their fortitude with unforeseen obstacles, and their perseverance emerging through challenges; women business owners and leaders are showing a very promising trend towards increasing retirement preparedness and savviness. The third and final study result that a national study by Leading Retirement Solutions found was that women business leaders are gaining confidence in their retirement preparedness because they are proactively searching for and relying on professional sources for guidance and advice.
In fact, not only are 70% of women business leaders increasingly confident in their ability to take care of their living expenses through their retirement, 66% are gaining confidence that they will still be able to maintain their desired lifestyle into and through retirement. This surge in confidence comes largely from a growing number of women business leaders who are regularly using financial advice and planning resources, such as: 1) individual wealth financial or investment advisers, 2) online news networks, magazines, or papers, and 3) company sponsored retirement plan investment advisors.
To follow in the footsteps of these savvy retirement pros:
1) Take the first step by understanding what your retirement needs are. Meet with an individual wealth or your retirement plan advisor early on in your career and continue to do so regularly. Your financial advisor should create an initial financial and retirement plan for you and that plan should be monitored regularly.
2) Implement the savings strategy and investing options that will put you on the path to meeting your anticipated financial needs in retirement.
3) Personal and professional demands will likely affect your financial and retirement plan throughout your career; you should always understand — with your advisor’s guidance — when you deviate from your retirement plan, what it will take to get back on track and how long it will take to get there.
4) Visit credible news sources that will keep you in the loop about what is new with your company sponsored retirement plan (e.g. 401(k) plans) and the retirement industry. Regulations affecting 401(k) and other types of company sponsored retirement plans change often, with some changes resulting in increased tax reduction benefits and retirement savings options particularly for business owners. A few new sources that stay on top of industry trends and changes include ASPPA, IRS, and PLANSPONSOR.
Our national study provides business owners, leaders and their financial advisors with key insights into trends and behaviors that women business leaders are currently practicing to make them better prepared for a financially secure retirement. Leading Retirement Solutions plans to continue our study in order to monitor these important retirement savings trends of women business owners, report on them, and then educate on how anyone can retire successfully. To access the full study, click here.
Leading Retirement Solutions (LRS) helps business owners and their employees save money for retirement by offering access to traditional and non-traditional retirement savings and tax reduction solutions via 401(k) Plans for businesses, 403(b) Plans for Not-for-Profit organizations and Defined Benefit Plans for company owners, investors and family members. LRS’ ability to support and serve women business leaders in all 50 states in offering affordable retirement savings plans empowers our clients and their employees with the economic independence they need to save for a financially secure retirement. Take the first step and contact Leading Retirement Solutions today.