While half of all individuals with at least $500,000 in investable assets are women, just 34 percent expressed confidence they would have enough money to live comfortably in retirement, while fully half feel they need assistance in managing their finances.
According to a report issued by the Insured Retirement Institute, “Women, Retirement, and Advisors: Concerned about Meeting Retirement Expectations, Female Boomers Seek Expert Advice,” guaranteed retirement income is the most important trait that Boomer women are looking for in an investment. When selecting a financial advisor, 71 percent said they value professional designations, while 61 percent cite trust and respect as qualitative factors.
The report also found that married women are more likely to be better prepared for retirement than unmarried women, with six out of ten married women saying they have tried to calculate the amount of money needed, compared four out of ten of unmarried women.
Nearly half of unmarried women expect Social Security to be a major source of retirement income (49 percent) compared to 39 percent of married women. Married women are more likely to have contacted a financial planner for retirement income advice, with 53 percent, compared to 32 percent of unmarried women.
The full report can be found here.
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