GreyWingFinancial.com Discusses Teamwork in Retirement Planning
Chicago, IL (PRWEB) July 21, 2013 -- GreyWingFinancial.com discussed gender differences in retirement and planning for the future following the release of a June 19th article in Market Watch, titled “For a better retirement, act more like your wife”. Author Stephen Williams takes a step-by-step approach in discussing gender differences in the stages of retirement planning. Grey Wing Financial responded to Williams’ claims, refuting some, and reaffirming others.
Stephen Williams’ composition begins by identifying the common desires of men and women during retirement, pointing out that though their desires are similar, the way they go about achieving those desires is drastically different. He composed a list of 5 bullet points, each identifying different areas of retirement planning, and the opposing views men and women (typically) have. The first involves confidence and knowledge regarding retirement plans. Studies have demonstrated that men feel far more confident about both planning and general financial knowledge, while women are typically unsure of themselves when it comes to finances. The second bullet point talks about risk and investments. Men are far more likely to feel comfortable engaging in risky investments with a greater chance of return, while women are prone to relying on low-risk investments. From there, Williams tackled fear and its behavior as a motivator. Women respond to fear more effectively than men, using it as a motivational tool, while men tend to buckle. Following his discussion of fear, Williams touches on the willingness to seek advice. Though he acknowledges this particular bullet point as cliché, statistically, women are more likely to seek out financial help than men, and upon seeking out help, are more likely to adhere to the advice offered. This often results in better financial planning. Finally, Williams touched on the non-monetary aspect of retirement. Women, traditionally, suffer less from anxiety and depression upon retiring; men are generally defined by their jobs, while women are defined by relationships. While this may seem trivial, studies have revealed that these differences do play a large part in successful retirement. Williams closed by acknowledging the success of retirement planning when men and women work together.
Williams’ article highlights differences in mindset between genders, and closes with the assertion that working together can cancel out the flaws of each gender. However, despite his optimistic thesis, Williams does not offer solutions to joining two opposing views. Therefore, GreyWingFinancial.com steps up to offer solutions to the battling gender differences in retirement planning.
The first difference he tackled was the difference in confidence between men and women. Williams did not differentiate in the confidence levels between men and women alone in a relationship compared to couples with children. He said that the disparity between men and women is borne out of simple lack of education. In order to quell this insecurity and plan together, women simply need to educate themselves about finances. This can be via a class, online tutorial, or even having one’s husband or friends teach them. In order to feel like an equal member in planning, however, women must learn to educate themselves about finances and investments. The second difference between men and women involves risk. Women are far more leery of risky investments than men. A firm middle ground should be reached in this scenario. Men typically engage in greater risk-taking, while women like to play it safe. Reaching a middle ground by investing in funds or stocks that have some risk involved, but not catastrophic risk, is an excellent first step in resolving this difference. Compromise is key here. The third difference identified by Williams is the reaction to fear. Men are prone to shutting down in the face of fear and staying in one place, while women are motivated by fear. Learning to accept fear as inevitable, and use it to further one’s retirement planning is far more advisable than allowing it to stagnate planning. Men may overcome their fear in a number of ways, including asking their wives for help in the face of financial fear. The fourth difference is willingness to seek advice. Women are more likely to search for advice in the face of uncertainty while men are more likely to try to figure it out or ignore the problem entirely. In order to bridge this gap, women may want to consider discussing all options regarding help with their husbands before actually seeking out the help, allowing men to have a part in finding solid financial advice. The final difference Williams identified does not involve money, but adapting to retirement. Women are more readily able to adopt the changes associated with retirement, while men, whose identities are typically inextricably twined with their work, often suffer from anxiety and depression after they leave their livelihood behind. Women and men may bridge this gap slowly and with patience. Women can assist their husbands by providing an understanding ear and being an unfailing source of companionship, while also encouraging their husbands to find other interests outside of the home.
Retirement planning can be a long and arduous process and should not be delegated to any one person in a marriage, but should always be treated as a partnership. Doing so will not only ensure the most effective, comfortable retirement plan, but will also ensure that both parties are invested and devoted to the plans that have been made.
Stephen Williams, a writer for Market Watch, composed an article discussing the differences in men and women’s personalities going into retirement planning, and how these differences can influence the process of planning for the future. Though Williams’ observations were sound, he did not provide a means of reconciling the differences between men and women. GreyWingFinancial.com stepped in to offer advice to married couples embarking on retirement planning, providing solutions to the stalemate that vast personality differences can create.
About Grey Wing Financial:
GreyWingFinancial.com is a website dedicated to retirees and their finances, offering advice and up-to-date financial news.
GreyWingFinancial.com, Grey Wing Financial, (512) 774-4739, [email protected]
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