Barb Van Zomeren Discusses How Advisors Can Help Women Overcome Retirement Savings Hurdles

SVP Barb Van Zomeren recently contributed a byline to ​Employee Benefit News​​ in which she discusses how advisors can help women​ overcome retirement savings hurdles. According to EBRI, the average retirement savings shortfall for single women is nearly twice that of single men. The Social Security Administration reported in 2019 that ​unmarried women rely on Social Security for 45% of their total income, compared to 32% for unmarried men and 27% for couples​.​​ Van Zomeren states that the main reasons for these discrepancies are that women earn 18.​6% less than men on average, ​live 2.4 years longer, have more healthcare costs, and are more likely to take career breaks to focus on family care. ​

Advisors can help their female clients by ​encouraging them to save in an IRA if eligible, contributing to an HSA for future medical costs, contributing enough to retirement plans to receive a full employer match, and learning more about investing.