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  • Research Reveals Differences in How Men and Women Approach Retirement Planning

    January 24, 2012 by N/A

    Men focus on the numbers while women tend to plan based
    on lifestyle goals

    MINNEAPOLIS–(BUSINESS WIRE)– Men and women are preparing for retirement in
    very different ways, according to additional findings from the New
    Retirement Mindscape®
    City Pulseindex
    , released today by Ameriprise
    Financial
    (NYSE: AMP). While men outpace women in planning for the
    financial aspects of retirement (77% vs. 72%), women are more likely to say
    they’ve thought about what they’d like to do during retirement. And though a
    mere 22% of Americans report confidence in reaching their retirement goals, men
    are significantly more likely than women to report this sentiment (25% vs.
    19%).

    “Financial preparation can help instill confidence in reaching your retirement
    goals – and rightfully so – but thinking about how you’d like to spend your
    time and where you’re going to live can have a dramatic impact on your overall
    readiness,” said Suzanna
    de Baca
    , vice president of wealth strategies at Ameriprise Financial. “The
    activities you plan to pursue during retirement will likely have associated
    expenses. Failing to consider these can have significant consequences.”

    More than half of men (54%) report setting aside money in their own investments
    (such as stocks and IRA’s) compared to 46% of women who say they’ve done the
    same. Men are also more likely than women to report that they’ve determined the
    amount of income they’ll need in retirement (31% vs. 20%). This additional
    financial preparation may be one reason men are significantly more likely than
    women to say they feel on track for retirement (41% vs. 34%) and express
    confidence in their overall financial futures (22% vs. 16%).

    Women are more likely to report that family and health taking a prominent role
    in their planning. Women are significantly more likely than men to say they
    plan to spend more time with family during retirement (41% vs. 34%) and that
    proximity to family is a very important factor in determining where they will
    retire (40% vs. 27%). They are also more likely than men to place importance on
    their proximity to friends and other retirees (21% vs. 13%).

    Women also report a greater emphasis on maintaining their health as they age.
    More than half (54%) are making plans to ensure they stay healthy during
    retirement, compared to 48% of men, and women are more likely to rate access to
    healthcare options and facilities as a very important factor to consider when
    deciding where to retire (38% vs. 32%). Women are also more likely to say
    they’ve spent time determining how they will rest and relax in retirement (25%
    vs. 19%) – an important part of preparing mentally for the retirement process.

    While men and women are preparing differently, they both may be dramatically
    underestimating how long they’ll need to live on their retirement savings.
    Those surveyed estimate that they’ll spend approximately 17 years in retirement
    while most financial professionals recommend accumulating enough savings for a
    30-year retirement.

    “It’s especially important that women begin saving early and plan for a longer
    retirement because they have longer average life spans and spend more time out
    of the workforce,” says de Baca. “And regardless of your gender, be sure to
    share your retirement plans and expectations with your loved ones. Being on the
    same page with your family can make achieving your goals much simpler and even
    more enjoyable.”

    About the survey

    The New
    Retirement Mindscape
    2011 City Pulse index
    was created by Ameriprise
    Financial utilizing survey responses from 11,611 U.S. adults ages 40-75. The
    survey was commissioned by Ameriprise Financial, Inc. and conducted online by Harris
    Interactive from August 4-12, 2011. The national average sample and the 30 U.S.
    metropolitan areas were each weighted independently to best represent each
    area. Propensity score weighting was also used to adjust for respondents’
    likelihood to be online.

    About Harris Interactive

    Harris Interactive is one of the world’s leading custom market research firms,
    leveraging research, technology and business acumen to transform relevant
    insight into actionable foresight. Known widely for the Harris Poll and for
    pioneering innovative research methodologies, Harris offers expertise in a wide
    range of industries. For more information, visit harrisinteractive.com.

    About Ameriprise Financial

    At Ameriprise
    Financial
    , we have been helping people feel confident about their financial
    future for over 115 years. With outstanding asset management, advisory and
    insurance capabilities and a nationwide network of 10,000 financial advisors,
    we have the strength and expertise to serve the full range of individual and
    institutional investors’ financial needs. For more information, or to find an
    Ameriprise financial advisor, visit ameriprise.com.

    Brokerage, investment and financial advisory services are made available
    through Ameriprise Financial Services, Inc. Member FINRA and SIPC. Some
    products and services may not be available in all jurisdictions or to all
    clients.

    © 2012 Ameriprise Financial, Inc. All rights reserved.

    Ameriprise Financial

    Stacy Housman, 612-678-7215

    Media Relations

    stacy.m.housman@ampf.com

    Source: Ameriprise Financial

    Copyright:

    Copyright
    Business Wire 2012

    Source:

    Business
    Wire, Inc.

    Wordcount:

    802

    Originally Posted at InsuranceNewsNet on January 24, 2012 by N/A.

    Categories: Industry Articles
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