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Perhaps no generation has felt the brunt of stereotypes heaped upon them more than Millennials: they’re disengaged, overly sensitive to feedback, unmotivated and…you get the idea. According to recent data, however, these assumptions don’t reflect reality.
Myths abound about Millennial savings habits and attitudes toward retirement, too. For plan sponsors and financial professionals, it’s important to dispel these myths to better serve Millennial needs.
There are some who depict retirement as a panacea to the stresses and challenges of everyday life — a carefree time free of the mundane routines of working and yet packed with opportunities to finally pursue travel or other pastimes.
The reality for many, however, comes with mixed emotions and lots of questions… Will I be lonely? Will I develop health problems? Will I have enough money to last a lifetime?
We previously covered a few of the ways women often approach investing differently from their male counterparts. Now, we’re not making claims about “the female investor,” or suggesting innate differences between men and women that cause these divergences —rather, many women’s life circumstances may engender greater risk aversion.
Lower overall earnings, more time spent out of the workforce to care for family members and longer life expectancies may all add up to amplify the sense of risk to women’s retirement savings. That can lead to much more conservative investing and, potentially, missed opportunities.
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Financial wellness in retirement isn’t a sure thing, but employers and financial planners are making strides in helping to provide a more secure future through access to retirement plans. Congress backs up these initiatives and supports the goals of National Retirement Security Month held each October.1
The goals are simple. National Retirement Security Month aims to raise awareness of various retirement vehicles, many of which come with numerous tax benefits. Increasing financial literacy and informing individuals on how they may achieve and maintain retirement security throughout their lives is another purpose of the month-long observance.1