|By PR Newswire||
|March 4, 2014 03:20 AM EST||
LOS ANGELES, March 4, 2014 /PRNewswire/ -- In recognition of International Women's Day and its focus on women's social, political and economic advancement, nonprofit Transamerica Center for Retirement Studies® (TCRS) has released a study, Fourteen Facts About Women's Retirement Outlook (Fourteen Facts), to raise awareness of the financial risks women in the United States face and how they can improve their retirement outlook.
"Our research has found that women around the world are concerned that future generations of retirees will be worse off than current retirees," said Catherine Collinson, president of TCRS. "In the United States, women can take greater control of their financial futures by taking small steps today that can ultimately lead to a giant leap in terms of their long-term retirement readiness."
Based on select findings from the 14th Annual Transamerica Retirement Survey of Workers, Fourteen Facts highlights specific areas of opportunity for women (and offers comparisons to men). It also outlines some of the underlying reasons why women are at greater risk than men of not achieving a secure retirement, such as lower incomes, lower lifetime earnings, time out of the workforce to be a parent or caregiver, and longer life expectancies that drive a need for greater savings.
Fourteen Facts about women's retirement outlook are:
- Only 7 percent of women are "very confident" in their ability to fully retire with a comfortable lifestyle.
- Forty-three percent of women expect to work past age 70 or do not plan to retire.
- More than half (52 percent) plan to work after they retire.
- Most (65 percent) Baby Boomer women do not have a backup plan if forced into retirement sooner than expected.
- Fifty-three percent expect to self-fund their retirement through 401(k) or similar accounts or other savings and investments.
- Of women who have or plan to take time out of the workforce to be a caregiver, 74 percent believe it will negatively impact their ability to save for retirement.
- Forty-five percent of women work part-time so are less likely to have workplace retirement benefits.
- Sixty-one percent of women are offered a 401(k) or similar plan.
- Seventy-five percent of women who are offered an employee-funded plan participate in the plan.
- Six percent is the median contribution of women who participate in their employer's plan.
- Fifty-five percent of women are saving for retirement outside of work in an IRA, mutual fund, bank account, etc.
- The majority (59 percent) of women who estimate their financial need guess what their retirement savings needs would be rather than using a calculator or advisor.
- Only 35 percent of women use a professional financial advisor, most (79 percent) doing so for retirement investment recommendations.
- Many women (53 percent) want information that is easier to understand.
"How each woman ultimately plans on spending her retirement is unique, but the tools to help attain retirement readiness are common to all," said Collinson. "Women have made tremendous strides in recent decades in terms of educational attainment and careers. Now is the time to make even greater strides in achieving a financially secure retirement."
Seven specific steps that women can take to improve their retirement readiness include:
- Develop a retirement strategy and write it down. Envision your future retirement, formulate a goal for how much you will need to save each year (be sure to include employer-sponsored retirement plans and outside savings). When facing life's important decisions about whether to reduce work hours or take time out of the workforce to be a parent or caregiver, carefully consider the financial trade-offs and options to help mitigate the impact on long-term security.
- Calculate your retirement savings and income needs – and save at a level to achieve those needs.
- Consider retirement benefits as part of your total compensation. If your employer doesn't offer you a retirement plan, ask for one.
- If your employer offers a retirement plan, participate. Be sure that your annual salary deferral takes full advantage of employer matching contributions, if available. Contribute as much as you can.
- Get educated about retirement investing. Seek professional assistance if needed. Learn about possible ways to help make savings last longer including when to take withdrawals from retirement accounts to minimize taxes and penalties. Take advantage of the Saver's Credit if eligible.
- Have a backup plan in the event you are unable to work before your planned retirement. Identify potential cost-cutting lifestyle changes such as moving to a smaller home or taking on a roommate(s) and consider insurance products such as disability insurance and life insurance.
- Importantly, talk about retirement with family and close friends. An open dialogue with trusted loved ones about expectations of either needing to provide or receive financial support should be part of every woman's retirement strategy.
About Transamerica Center for Retirement Studies®
The Transamerica Center for Retirement Studies® (TCRS) is a division of Transamerica InstituteSM, a nonprofit, private foundation. TCRS is dedicated to educating the public on emerging trends surrounding retirement security in the U.S. Its research emphasizes employer-sponsored retirement plans, including companies and their employees, unemployed and underemployed workers, and the implications of legislative and regulatory changes. The Transamerica Institute is funded by contributions from Transamerica Life Insurance Company and its affiliates and may receive funds from unaffiliated third parties. For more information about TCRS, visit www.transamericacenter.org.
About the 14th Annual Retirement Survey
This survey was conducted online within the United States by Harris Poll on behalf of Transamerica Center for Retirement Studies between January 21 – February 21, 2013, among a nationally representative sample of 3,651 full-time and part-time workers, including 1,902 women and 1,749 men. Potential respondents were targeted based on employment status and company size. Respondents met the following criteria: U.S. residents, age 18 or older, full-time workers or part-time workers in for-profit companies, and employer size of 10 or more. Results were weighted to account for differences between the population available via the Internet versus by telephone, and to ensure that each quota group had a representative sample based on the number of employees at companies in each employee size range. No estimates of theoretical sampling error can be calculated.
SOURCE Transamerica Center for Retirement Studies
Fifty billion connected devices and still no winning protocols standards. HTTP, WebSockets, MQTT, and CoAP seem to be leading in the IoT protocol race at the moment but many more protocols are getting introduced on a regular basis. Each protocol has its pros and cons depending on the nature of the communications. Does there really need to be only one protocol to rule them all? Of course not. In his session at @ThingsExpo, Chris Matthieu, co-founder and CTO of Octoblu, walk you through how Oct...
Sep. 29, 2016 01:00 AM EDT Reads: 2,298
As ridesharing competitors and enhanced services increase, notable changes are occurring in the transportation model. Despite the cost-effective means and flexibility of ridesharing, both drivers and users will need to be aware of the connected environment and how it will impact the ridesharing experience. In his session at @ThingsExpo, Timothy Evavold, Executive Director Automotive at Covisint, will discuss key challenges and solutions to powering a ride sharing and/or multimodal model in the a...
Sep. 29, 2016 12:15 AM EDT Reads: 482
SYS-CON Events announced today that Tintri Inc., a leading producer of VM-aware storage (VAS) for virtualization and cloud environments, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Tintri VM-aware storage is the simplest for virtualized applications and cloud. Organizations including GE, Toyota, United Healthcare, NASA and 6 of the Fortune 15 have said “No to LUNs.” With Tintri they mana...
Sep. 29, 2016 12:00 AM EDT Reads: 2,930
"My role is working with customers, helping them go through this digital transformation. I spend a lot of time talking to banks, big industries, manufacturers working through how they are integrating and transforming their IT platforms and moving them forward," explained William Morrish, General Manager Product Sales at Interoute, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Sep. 28, 2016 11:30 PM EDT Reads: 3,952
More and more companies are looking to microservices as an architectural pattern for breaking apart applications into more manageable pieces so that agile teams can deliver new features quicker and more effectively. What this pattern has done more than anything to date is spark organizational transformations, setting the foundation for future application development. In practice, however, there are a number of considerations to make that go beyond simply “build, ship, and run,” which changes ho...
Sep. 28, 2016 11:30 PM EDT Reads: 2,727
Kubernetes is a new and revolutionary open-sourced system for managing containers across multiple hosts in a cluster. Ansible is a simple IT automation tool for just about any requirement for reproducible environments. In his session at @DevOpsSummit at 18th Cloud Expo, Patrick Galbraith, a principal engineer at HPE, discussed how to build a fully functional Kubernetes cluster on a number of virtual machines or bare-metal hosts. Also included will be a brief demonstration of running a Galera M...
Sep. 28, 2016 10:30 PM EDT Reads: 3,061
According to Forrester Research, every business will become either a digital predator or digital prey by 2020. To avoid demise, organizations must rapidly create new sources of value in their end-to-end customer experiences. True digital predators also must break down information and process silos and extend digital transformation initiatives to empower employees with the digital resources needed to win, serve, and retain customers.
Sep. 28, 2016 09:15 PM EDT Reads: 353
If you’re responsible for an application that depends on the data or functionality of various IoT endpoints – either sensors or devices – your brand reputation depends on the security, reliability, and compliance of its many integrated parts. If your application fails to deliver the expected business results, your customers and partners won't care if that failure stems from the code you developed or from a component that you integrated. What can you do to ensure that the endpoints work as expect...
Sep. 28, 2016 08:30 PM EDT Reads: 1,715
In this strange new world where more and more power is drawn from business technology, companies are effectively straddling two paths on the road to innovation and transformation into digital enterprises. The first path is the heritage trail – with “legacy” technology forming the background. Here, extant technologies are transformed by core IT teams to provide more API-driven approaches. Legacy systems can restrict companies that are transitioning into digital enterprises. To truly become a lea...
Sep. 28, 2016 08:15 PM EDT Reads: 344
IoT is fundamentally transforming the auto industry, turning the vehicle into a hub for connected services, including safety, infotainment and usage-based insurance. Auto manufacturers – and businesses across all verticals – have built an entire ecosystem around the Connected Car, creating new customer touch points and revenue streams. In his session at @ThingsExpo, Macario Namie, Head of IoT Strategy at Cisco Jasper, will share real-world examples of how IoT transforms the car from a static p...
Sep. 28, 2016 07:00 PM EDT Reads: 1,628
Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is expected in the amount of information being processed, managed, analyzed, and acted upon by enterprise IT. This amazing is not part of some distant future - it is happening today. One report shows a 650% increase in enterprise data by 2020. Other estimates are even higher....
Sep. 28, 2016 06:45 PM EDT Reads: 4,153
From wearable activity trackers to fantasy e-sports, data and technology are transforming the way athletes train for the game and fans engage with their teams. In his session at @ThingsExpo, will present key data findings from leading sports organizations San Francisco 49ers, Orlando Magic NBA team. By utilizing data analytics these sports orgs have recognized new revenue streams, doubled its fan base and streamlined costs at its stadiums. John Paul is the CEO and Founder of VenueNext. Prior ...
Sep. 28, 2016 06:30 PM EDT Reads: 3,120
One of biggest questions about Big Data is “How do we harness all that information for business use quickly and effectively?” Geographic Information Systems (GIS) or spatial technology is about more than making maps, but adding critical context and meaning to data of all types, coming from all different channels – even sensors. In his session at @ThingsExpo, William (Bill) Meehan, director of utility solutions for Esri, will take a closer look at the current state of spatial technology and ar...
Sep. 28, 2016 06:15 PM EDT Reads: 305
The Internet of Things can drive efficiency for airlines and airports. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Sudip Majumder, senior director of development at Oracle, will discuss the technical details of the connected airline baggage and related social media solutions. These IoT applications will enhance travelers' journey experience and drive efficiency for the airlines and the airports. The session will include a working demo and a technical d...
Sep. 28, 2016 06:00 PM EDT Reads: 1,777
Businesses are struggling to manage the information flow and interactions between all of these new devices and things jumping on their network, and the apps and IT systems they control. The data businesses gather is only helpful if they can do something with it. In his session at @ThingsExpo, Chris Witeck, Principal Technology Strategist at Citrix, will discuss how different the impact of IoT will be for large businesses, expanding how IoT will allow large organizations to make their legacy ap...
Sep. 28, 2016 05:15 PM EDT Reads: 266