Concerns about saving enough for retirement are prevalent, especially with economic challenges like inflation.
What Should You Save for a Mortgage Down Payment?
In this episode of “Ask the Hammer”, Robert Powell, editor of Retirement Daily on TheStreet and finStream Co-Founder, sought insights from Jeffrey Levine of Buckingham on the complexities surrounding home down payments, especially for first-time homebuyers.
Managed Fund
Managed Fund: A managed fund, also known as a mutual fund or an investment fund, is a pooled investment vehicle where multiple investors contribute their money to be managed collectively by a professional fund manager. […]
QLACs-Qualified Longevity Annuity Contracts
In this episode of Ask The Hammer, Jeffrey Levine of Buckingham discusses the pros and cons of qualified longevity annuity contracts (QLACs).
How Much Do You Need In Your Emergency Fund?
In this episode, Jeffrey Levine of Buckingham Wealth Partners discusses how to determine if your emergency fund is sufficient
Aging in Place: What You Need to Know
A recent Retirement Daily Learning Center webinar offered valuable insights into aging in place and the challenges faced by seniors
Zero-Coupon Bond
Zero-Coupon Bond: A Zero-coupon bond is a bond that is sold at a price far below its face value, makes no annual or semi-annual interest payments, and is redeemed for its face value at maturity. It […]
Required Minimum Distribution (RMD)
Required Minimum Distribution (RMD): The Required minimum distribution (RMD) is the minimum amount you must withdraw from your US retirement account each year. You can withdraw more than the minimum required amount. Your withdrawals will […]
Addressing The Gender Savings Gap
A new study from Bank of America/Merrill Lynch finds that the gender savings gap persists, despite recent gains.
The study, which was released in July 2023, found that the average 401(k) balance for women is $59,000, compared to $89,000 for men. This represents a gender savings gap of 30%.
The study found that the gender savings gap is due to a number of factors, including:
Income disparity: Women earn less than men on average.
Caregiving responsibilities: Women are more likely to take on caregiving responsibilities for children and elders, which can limit their ability to save for retirement.
Lack of financial knowledge: Women are less likely than men to have financial knowledge, which can make it harder for them to make sound financial decisions.
The study’s findings are concerning, as women are more likely than men to live longer in retirement. This means that women will need to save more for retirement in order to have a comfortable lifestyle.
The study’s authors called on employers, financial institutions, and policymakers to take steps to close the gender savings gap. These steps could include:
Providing financial education and counseling to women: This could help women to understand their financial options and make sound financial decisions.
Encouraging employers to offer paid family leave and flexible work arrangements: This could help women to balance their work and caregiving responsibilities.
Changing the retirement savings landscape: This could include making it easier for women to contribute to retirement savings plans and increasing the amount of retirement savings that women can deduct from their taxes.
The study’s authors concluded that closing the gender savings gap is essential to ensuring that all Americans have a secure retirement.