The world of finance is transforming each day
- Women are gaining power with investments and taking ownership of their retirement planning.
- When you enhance your money know-how, you can chart your financial path with confidence.
Many women feel uncertain1 about investing.
44% of women weren't sure where or how to invest their retirement savings.1
26% of women didn't feel confident in their investing ability.1
Women are managing a large share of U.S. household financial assets.
In 2020, women controlled $10 trillion with expectations to grow to $30 trillion by 2030.2
Women are empowered by their money.
Women felt most in charge of their futures when they: 3
- Put money toward a financial goal
- Saved money
- Invested money
Women have savvy investment potential
According to a Rothstein Kass Institute study (2013), over a period of six years their findings suggest that female-run hedge funds significantly outperformed male-led rivals.4
Optimizing your investing
Set aside 10% - 15% of your income. Move closer to that target with these strategies.
Earn your Employers Match
Allocate enough money in your 401(k) to receive the maximum match, which averages 3.5% of pay.5
Automate it
Set up pre-tax paycheck deductions for your 401(k) and transfer money to your IRA each month.6
Invest extra cash
Got a tax refund, salary bonus, monetary gift, cash back reward or proceeds from selling an asset? Invest most of that to boost your balance.
Contribute on your own
Invest even more in a tax-advantaged account. Use an IRA, Roth IRA or backdoor IRA (for high earners).
Catch up
If you re 50+, enjoy a higher maximum contribution each year for your 401(k) and IRA.6
Assess your retirement income sources
Make a list of money you might receive after you stop working full time:
- Retirement account withdrawals
- Pension or annuity payouts
- Social Security benefit
- Investment dividends and capital gains
- Part-time or gig employment pay
- Rental income
- Home equity loan or reverse mortgage
- Gifts and inheritance
- Proceeds from the sale of a business or asset
Plan for retirement Expenses
Set aside 10% - 15% of your income. Move closer to that target with these strategies.
Housing
It s probably your biggest expense now. But it may cost less in retirement. Many people pay off their mortgages, downsize or relocate.
Food
Eating in or dining out? Assess your preferred dining options and account for inflation over time.
Transportation
Plan for fuel, insurance, maintenance, fees and car payments.
Healthcare
Expect 12% of expenses to go toward medical costs.7 Consider Medicare options, a health savings account and long-term care coverage.
Fun
Estimate costs for travel, entertainment, hobbies, recreation and gift giving.
Prepare with Confidence
Use these proven strategies to build a robust financial plan:
Stay engaged
Write down your vision for a gratifying retirement. Keep it on hand to stay motivated.
Diversify your investments
Invest across several sectors and be tax savvy. You'll potentially reduce overall risk to your portfolio.
Work with a professional
Financial advisors listen to your goals and design a plan for your unique situation. They offer guidance, manage accounts, update strategies and answer questions.
Build knowledge
Conquer fear by increasing your financial education. Read books and articles, watch investment programs, listen to a podcast or speak with a professional.
Decrease debt
If possible, reduce what you owe before retirement to free up cash for your goals. Start by paying down the highest-accruing liabilities.
Track your performance
Keep tabs on your progress. Set milestones and celebrate successes.
Wealth Management offers a personalized approach
Wealth Management empowers women to plan for retirement and their overall financial well being by:
- Working with you in a team approach
- Listening to your needs, concerns and aspirations
- Building a financial plan that's unique to you
- Designing tax-smart investment strategies
- Guiding you to focus on your goals
- Helping you prepare for the unexpected
- Safeguarding your family's assets
- Steering you toward a fulfilling retirement
- Shaping the legacy you want to leave behind
- Adjusting your strategy, as needed, along the way
Take the next step in your planning
You're building a strong financial foundation. And you're ready to take it to the next level.
© Citizens Financial Group, Inc. All rights reserved. Citizens is a brand name of Citizens Bank, N.A. Member FDIC
1 Citizens Listens, Ask Now Questions, 11/2021
2 Women as the next wave of growth in US Wealth Management | McKinsey & Company, 07/29/2020
3 Money is Power: The Ellevest 2018 Money Census, 1/17/2018
4 Why Women are better at making investment decisions, 03/01/2017
5 Automatic enrollment, employer match rates, and employee compensation in 401(K) plans, U.S. Bureau of Labor Statistics, 05/2015
6 Retirement Topics – IRA Contributions Limits, IRS
7 Health and Retirement Study, The University of Michigan Health and Retirement, 01/2017
All investing involves risk, including the risk of loss of principal.* Investment risk exists with equity, fixed income, and other marketable securities. There is no assurance that any investment will meet its performance objectives or that losses will be avoided.
Citizens Wealth Management does not provide legal or tax advice. The information contained herein is for informational purposes only as a service to the public and is not legal advice or a substitute for legal counsel. You should do your own research and/or contact your own legal or tax advisor for assistance with questions you may have on the information contained herein.
Banking products are offered through Citizens Bank, N.A. (“CBNA”).
Citizens Wealth Management (in certain instances DBA Citizens Private Wealth) is a division of Citizens Bank, N.A. (“Citizens”). Securities, insurance, brokerage services, and investment advisory services offered by Citizens Securities, Inc. (“CSI”), a registered broker-dealer and SEC registered investment adviser - Member FINRA/[SIPC|https://www.sipc.org/]. Investment advisory services may also be offered by Clarfeld Financial Advisors, LLC (“CFA”), an SEC registered investment adviser, or by unaffiliated members of FINRA and SIPC providing brokerage and custody services to CFA clients (see Form ADV for details). Insurance products may also be offered by Estate Preservation Services, LLC (“EPS”) or an unaffiliated party. CSI, CFA and EPS are affiliates of Citizens. Banking products and trust services offered by Citizens.
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· NOT FDIC INSURED· NOT BANK GUARANTEED· NOT A DEPOSIT · NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY·MAY LOSE VALUE