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New report reveals women business owners falling behind with retirement savings
Leading Retirement Solutions' 2018 report shows women business owners are not as prepared as they should be for a financially secure retirement.
By: Leading Retirement Solutions
Women-owned and women-led businesses are the fastest growing new business segments in the U.S, experiencing 114% growth, 2.5 times the national average over the past decade. This led founder and CEO of Leading Retirement Solutions, Kirsten Curry, to wonder if women business owners are as prepared as they should be for a financially secure retirement, in light of their growing success.
"There are plenty of ongoing conversations about the current financial affairs of women, including the pay gap, but little conversation about the long-term effect, the retirement savings gap," Curry said.
When Curry couldn't find the answers to her questions in 2017, she decided to survey male and female business owners as well as leaders of non-profit organizations directly to find some answers.
LRS' 2018 Retirement Gap Report is based on survey responses gathered from 207 people across 37 states through July 1, 2018. Respondents represent a diverse range of racial identities, industries, regional locations and genders.
The Report delivers a number of fascinating findings that broadens the conversation about women's preparedness for a financially secure retirement. This is important considering that women business owners and leaders still trail woefully behind their male counterparts when it comes to retirement savings. For example, on average, women's median retirement income is only 58% of men's median retirement income.
"As a business owner, my personal finances follow my business finances," said Ellie Scott who has owned Stringtown Animal Hospital in Grove City, OH for the past 15 years. "During healthy times for the business, I am able to save more for retirement. When the business is in a leaner production window, I find it difficult to have the funds to save more than the minimum."
The Study, now in its 3rd year, also highlights some of the barriers women business owners face when trying to save for retirement. Women who support dependents not only struggle to reinvest in their business, but 20% are not saving for retirement at all. While male business owners did report having to choose between reinvesting in their business and saving for retirement, none of them mentioned difficulties supporting dependents while saving for retirement.
Yashieka S Anglin, owner of Washington DC-based Anglin Consulting Group for the past 8 years agrees with this finding. "The biggest obstacle that's limiting me from saving more for retirement is the expenses associated with raising two girls who are 2 and 7 years old." Anglin, a single mother, said almost 80% of her income goes to food, tutors, after school activities, childcare, clothing, and medical care for her children.
"At Leading Retirement Solutions, we believe women business owners and leaders should be provided with the resources, tools and support resulting in financial empowerment. Women business owners and leaders are centers of influence and have immense opportunity to help their colleagues, employees, friends and family do the same," said Curry.
Get the full report here. (https://www.leadingretirement.com/
For more information or to schedule an interview with Kirsten Curry, please contact:
Janinne Brunyee / firstname.lastname@example.org
ABOUT LEADING RETIREMENT SOLUTIONS (http://www.leadingretirement.com/)
Leading Retirement Solutions is a full-service retirement plan administrator offering employee benefits and workforce management solutions for employers, employees, investors and trusted advisors. We deliver and manage retirement plan solutions that minimize taxation, manage risk, ensure regulatory compliance and build and protect your wealth. Headquartered in Seattle, WA, we support clients in all 50 states, with team members in every time zone covering a wide range of industries.