Fidelity Advisers Outline 6 Steps to Boost Women’s Retirement Savings as Costs Can Run 20-30 Years
Updated
Updated · Fidelity Investments · May 27
Fidelity Advisers Outline 6 Steps to Boost Women’s Retirement Savings as Costs Can Run 20-30 Years
3 articles · Updated · Fidelity Investments · May 27
Fidelity’s webinar urged women to follow a six-step savings hierarchy: capture the full employer 401(k) match, fund an HSA, raise workplace-plan contributions, use IRAs, explore after-tax or deferred-compensation options, and then invest extra cash in a brokerage account.
The guidance was framed around women’s retirement pressures: they often live 5 years longer than men, earn about $0.81 per male dollar, and face 18% higher lifetime out-of-pocket healthcare costs.
Healthcare was a central focus, with Fidelity estimating a 65-year-old may need about $172,000 in after-tax money for retirement medical expenses, making HSAs a priority where eligible.
Fidelity said there is no universal retirement target, but offered a rule of thumb to save 10 times salary by age 67 and aim for 15% of pre-tax pay including employer contributions.
The speakers said retirement planning should start with expected spending and income sources, then shift about 5 years before retirement toward building an income plan, Medicare decisions and other late-stage needs.
How can women achieve their retirement goals when systemic obstacles like pay gaps and caregiving duties persist?
What psychological hurdles must women overcome to shift from a lifetime saver's mindset to confidently spending in retirement?
Is the 'mega backdoor Roth' now an essential tool for women to fund soaring long-term care costs?