When It Comes to Retirement, Men and Women Need to Plan Differently
Back in 1992, relationship counselor John Gray published Men Are from Mars, Women Are from Venus.1 The book was a huge best-seller, not because Gray had discovered some startling new fact, but because he cogently explained what most everybody always knew— when it comes to communicating, men and women seem to come from different planets. In his practice, Gray often saw that when a woman told her partner about a problem she was having, her primary desire was to be listened to. But the man would assume she was asking for a solution, and so after giving one would consider the conversation over. The result would often be misunderstanding and hurt feelings. Researchers have found that, in broad terms, men and women also tend to think differently about finances.2 One study found that men often consider money to be a symbol of power and success, while women tend to associate it with security or emotional significance. Because of this, men are more likely to think of saving and investing as a contest to be won. Typically, men focus on returns, believing (despite mountains of empirical evidence to the contrary) they can outsmart the market. These are factors for greater risk. On the other hand, studies have shown that female investors are more likely to trade less frequently, avoid risky trends, and stay the course during market volatility. As a result, they tend to perform better than men as investors. An analysis from Warwick Business School found that women outperform men by 1.8% annually. Men and women’s differing viewpoints become an even bigger factor in retirement. Healthwise, men statistically do not fare as well as women, with a shorter life-expectancy. A significant factor in this is the male tendency to avoid the doctor, resulting in a higher incidence of heart disease, stroke, and high blood pressure. Psychologically, men face different challenges in their post-work years. They struggle more often with the loss of identity that comes with leaving a career. And men are less likely to maintain close friendships, leading to isolation and loneliness. Brought to you by: Nichole Mayer & Will Hage Nichole.Mayer@WestPacWealth.com Will.Hage@WestPacWealth.com For men, especially, the idea of retirement simply being “on vacation ever day” soon becomes old. And they find themselves with too much time on their hands. To avoid falling into this common rut, men need to plan intentionally for a life with purpose, one that will challenge and engage them. Life is much more satisfying when you have a strong motivation to get out of bed each day. As your trusted advisor, we are concerned with more than just your financial health. Your fully funded retirement nest egg isn’t the ultimate goal. Money is simply a tool for achieving the kind of life that will bring you the most satisfaction. We would love to discuss the steps you can take now to ensure that your retirement years are your most fulfilling. Sources: 1. https://en.wikipedia.org/wiki/Men_Are_from_Mars,_Women_Are_from_Venus 2. https://www.kiplinger.com/retirement/retirement-planning/the-y-rule-of-retirement-why-men-need-to-plan-differently The information contained in this article is general in nature and is not legal, tax or financial advice. For information regarding your particular situation, contact an attorney or a tax or financial professional. The information in this newsletter is provided with the understanding that it does not render legal, accounting, tax or financial advice. In specific cases, clients should consult their legal, accounting, tax or financial professional. This article is not intended to give advice or to represent our firm as being qualified to give advice in all areas of professional services. Exit Planning is a discipline that typically requires the collaboration of multiple professional advisors. To the extent that our firm does not have the expertise required on a particular matter, we will always work closely with you to help you gain access to the resources and professional advice that you need. This is an opt-in newsletter published by Efficient Advisors, LLC., and presented to you by our firm. We appreciate your interest. Any examples provided are hypothetical and for illustrative purposes only. Examples include fictitious names and do not represent any particular person or entity. Nichole Mayer & Will Hage are Registered Representatives and Financial Advisors of Park Avenue Securities LLC (PAS). Securities products and advisory services offered through PAS, member FINRA, SIPC. Financial Representatives of The Guardian Life Insurance Company of America® (Guardian), New York, NY. PAS is a wholly owned subsidiary of Guardian. WestPac Wealth Partners LLC is not an affiliate or subsidiary of PAS or Guardian. Insurance products offered through WestPac Wealth Partners and Insurance Services, LLC, a DBA of WestPac Wealth Partners, LLC. | Mayer CA Insurance License #0F54659 | Hage CA Insurance License #0D97541 | 8767087.1 Exp. 02/28
