This International Women’s Day, Lincoln Financial Shares Research Highlighting the Financial Challenges Women Face, and Tips for Women to Address These Challenges and Help Secure Their Financial Futures
2024年3月4日 - 11:30PM
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Research shows that women face caregiving challenges, life
insurance coverage gaps and concerns about retirement savings.
As International Women’s Day approaches on March 8, a recent
study from Lincoln Financial Group (NYSE: LNC) reveals that women
are facing more challenges than their male counterparts in managing
their finances and planning for retirement. Only 18% of working
women have more than $250,000 saved for retirement in their
workplace retirement plan, compared to 25% of men,1 and more than
56 million women are living with an acknowledged life insurance
coverage gap.2 Women are also facing lower confidence in their
decision-making regarding retirement – research shows that 52% of
men are extremely or very confident in their retirement planning
decisions compared to 35% of women.3
Women may also face difficult financial choices when it comes to
serving as caregivers for a family member experiencing a long-term
care event. In fact, 43% of women surveyed say being a caregiver
has impacted their careers, versus 31% of men who say the same.4
Additionally, 66% of Americans today believe women are better at
providing long-term care than men, leading to 77% of women
expecting the responsibility of caregiver responsibilities to fall
on them, as opposed to 64% of men who feel the same.5
“Financial planning is not one-size-fits-all – for men or women
– and planning for retirement will be based on the individual,”
says Ralph Ferraro, senior vice president, president of Retirement
Plan Services at Lincoln Financial, “That said, women may face
unique challenges when it comes to securing their financial
futures. Women who want to take action in saving for retirement
have options, including meeting with a financial professional, to
discuss their goals and create a personalized plan.”
This International Women’s Day, Lincoln Financial recommends key
steps that women can take to close life or health insurance
coverage gaps and plan for a comfortable and confident
retirement:
- Create a personalized plan: By meeting with a financial
professional, (or a dedicated retirement consultant through a
participating plan), women can speak with a knowledgeable industry
professional and factor in their personal circumstances, such as
childcare costs and long-term financial goals outside of and
including retirement.
- Use voluntary benefits offered through their workplace to
reduce unexpected healthcare costs that could get in the way of
retirement savings: The rising cost of healthcare is a source
of stress, with 49% of employees expecting the cost of medical care
to get worse6 and 45% saying covering out-of-pocket medical
expenses of more than $500 would be a financial hardship.7 Taking
advantage of voluntary benefits, such as accident coverage or
hospital indemnity, either for themselves or for children, can help
with the cost of an unforeseen expense and help women stay on track
for their retirement goals.
- Make life insurance a priority: The benefits of
life insurance go far beyond paying funeral costs or outstanding
debt. Through certain life insurance policies, consumers can have
access to a tax-free, lump sum of money to help cover unexpected
medical bills, long-term care expenses and education, and even
supplement the policyholder’s retirement income and 401(k).
As part of Lincoln Financial’s purpose to provide financial
protection and security to its customers and their families, the
company provides financial solutions that may help women and all
consumers address financial concerns and coverage caps, such
as:
- Enhanced accident insurance coverage that includes family care
benefits focusing on dependent children as well as older
adults.
- Hospital Indemnity insurance coverage that includes
maternity-related and innovative NICU enhancement benefits designed
specifically for expectant mothers.
- Critical Illness insurance that includes health assessment and
wellness screenings for early detection and prevention.
- A broad annuities portfolio that offers investors various
levels of asset protection, growth potential and protected income
for life.
- Long-term care planning products and resources that can help
women prepare for tough financial decisions they and their loved
ones may need to make.
“When we look at expanding or enhancing our product offerings,
we consider both the short- and the long-term needs of all
potential customers,” says Stephen Turer, senior vice president,
Head of Insurance Solutions at Lincoln Financial. “Having the right
tools to weather uncertainty and prepare for the future with
confidence can make all the difference, not just for women, but for
everyone, and that means feeling secure that you have the right
coverage for today so that you can be prepared for tomorrow.”
About Lincoln Financial Group
Lincoln Financial Group helps people to plan, protect and retire
with confidence. As of December 31, 2023, approximately 17 million
customers trust our guidance and solutions across four core
businesses – annuities, life insurance, group protection, and
retirement plan services. As of December 31, 2023, the company had
$295 billion in end-of-period account balances, net of reinsurance.
Headquartered in Radnor, Pa., Lincoln Financial Group is the
marketing name for Lincoln National Corporation (NYSE: LNC) and its
affiliates. Learn more at LincolnFinancial.com.
Important information:
Lincoln Financial Group insurance products are issued by The
Lincoln National Life Insurance Company, Fort Wayne, IN, and
distributed by Lincoln Financial Distributors, Inc., a
broker-dealer. The Lincoln National Life Insurance Company does
not solicit business in the state of New York, nor is it authorized
to do so.
Insurance sold in New York are issued by Lincoln Life &
Annuity Company of New York, Syracuse, NY, and distributed by
Lincoln Financial Distributors, Inc., a broker-dealer.
All guarantees and benefits of the insurance policy are
subject to the claims-paying ability of the issuing insurance
company. They are not backed by the broker-dealer and/or
insurance agency selling the policy, or any affiliates of those
entities other than the issuing company affiliates, and none makes
any representations or guarantees regarding the claims-paying
ability of the issuer.
Products, riders and features are subject to state availability.
Limitations and exclusions may apply.
____________________________ 1 Lincoln Financial, Wellness@Work:
Retirement Study, 2023 2 LIMRA, "Understanding the U.S. Women’s
Market," factsheet, 2022. 3 Lincoln Financial, Wellness@Work:
Retirement Study, 2023 4 Lincoln Consumer Sentiment Tracker, May
2021. 5 Lincoln Financial, Planning for long-term care, 2023 6
Lincoln Financial, Consumer Sentiment Tracker, November 2023 7
Lincoln Financial, Consumer Sentiment Tracker, June 2022.
LCN-6442437-022824
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version on businesswire.com: https://www.businesswire.com/news/home/20240304741227/en/
Media: Madeleine Richey Lincoln Financial Group (480) 901-2965
Madeleine.Richey@lfg.com
Lincoln National (NYSE:LNC)
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Lincoln National (NYSE:LNC)
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