PLANADVISER - Spring 2023 - 5

Retirement Income Gap
Using Bureau of Labor Statistics
data to study gender pay
equality, the U.S. Joint Economic
Committee found that, though
women comprise 47% of the
workforce, they average a 21%
lower lifetime income than
men have, as of 2016, the most
recent year for the numbers.
Women's lifetime income
Men's lifetime income
Time spent out of the workforce to care for children or other family
members is a key contributor to the retirement saving challenge many
women face. Two four-year such absences-one in mid-career and
one later-can lower retirement savings by up to 35%, says the Goldman
Sachs Asset Management Retirement Survey & Insights Report 2022.
Women's lifetime income with family leave
Men's lifetime income
35% savings gap
53%
men
WORKFORCE
2016
47%
women
Don't
Forget
Gen X
21%
savings gap
C- for 529 Plan Savings?
The number of 529 college savings accounts, designed to help
families prepare for the cost of college, has surpassed 16 million
for the first time, according to the College Savings Plans Network.
About $411 billion has been saved in 529 plans, and
38% of accounts are contributed to automatically.
Despite contribution growth and gains on account
investments, 529 savings typically pay for just a
fraction of a child's college expenses. Among families
that contributed to a 529 plan or other college fund,
in 2020 the amount saved covered, on average, just
11% of the cost of attendance, says a report from
Sallie Mae and Ipsos.
11%
covered by
college funds
65% of
Generation Xers
report being
stressed about
managing their
retirement savings,
says the Goldman
Sachs Asset
Manage ment
Retirement Survey
& Insights Report
2022. Their time to
close any savings
gap narrows as
many, in the prime
of their career, face
demands as homeowners,
parents
and caretakers.
Millennials
Born 1981-1996
Generation X
Born 1965-1980
Baby Boomers
Born 1946-1964
Participants | Spring 2023 | planadviser.com 5

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PLANADVISER - Spring 2023

Table of Contents for the Digital Edition of PLANADVISER - Spring 2023

A Step in a New Direction
PLANADVISER Adviser Value Survey
DB Summit
What Participants Need
Advanced Offerings
Expanding the Adviser Remit
The Long Goodbye
Missed Opportunities
How to Avoid Fee Conflicts
Who’s to Blame?
PLANADVISER - Spring 2023 - C1
PLANADVISER - Spring 2023 - C2
PLANADVISER - Spring 2023 - 1
PLANADVISER - Spring 2023 - 2
PLANADVISER - Spring 2023 - 3
PLANADVISER - Spring 2023 - 4
PLANADVISER - Spring 2023 - 5
PLANADVISER - Spring 2023 - 6
PLANADVISER - Spring 2023 - 7
PLANADVISER - Spring 2023 - 8
PLANADVISER - Spring 2023 - 9
PLANADVISER - Spring 2023 - 10
PLANADVISER - Spring 2023 - 11
PLANADVISER - Spring 2023 - 12
PLANADVISER - Spring 2023 - 13
PLANADVISER - Spring 2023 - A Step in a New Direction
PLANADVISER - Spring 2023 - 15
PLANADVISER - Spring 2023 - 16
PLANADVISER - Spring 2023 - 17
PLANADVISER - Spring 2023 - PLANADVISER Adviser Value Survey
PLANADVISER - Spring 2023 - 19
PLANADVISER - Spring 2023 - 20
PLANADVISER - Spring 2023 - 21
PLANADVISER - Spring 2023 - 22
PLANADVISER - Spring 2023 - 23
PLANADVISER - Spring 2023 - DB Summit
PLANADVISER - Spring 2023 - 25
PLANADVISER - Spring 2023 - What Participants Need
PLANADVISER - Spring 2023 - 27
PLANADVISER - Spring 2023 - 28
PLANADVISER - Spring 2023 - 29
PLANADVISER - Spring 2023 - Advanced Offerings
PLANADVISER - Spring 2023 - 31
PLANADVISER - Spring 2023 - Expanding the Adviser Remit
PLANADVISER - Spring 2023 - The Long Goodbye
PLANADVISER - Spring 2023 - Missed Opportunities
PLANADVISER - Spring 2023 - 35
PLANADVISER - Spring 2023 - How to Avoid Fee Conflicts
PLANADVISER - Spring 2023 - 37
PLANADVISER - Spring 2023 - Who’s to Blame?
PLANADVISER - Spring 2023 - 39
PLANADVISER - Spring 2023 - 40
PLANADVISER - Spring 2023 - C3
PLANADVISER - Spring 2023 - C4
https://www.planadviserdigital.com/planadviser/winter_2023
https://www.planadviserdigital.com/planadviser/fall_2023
https://www.planadviserdigital.com/planadviser/summer_2023
https://www.planadviserdigital.com/planadviser/industryleader_2023
https://www.planadviserdigital.com/planadviser/spring_2023
https://www.planadviserdigital.com/planadviser/november_december_2022
https://www.planadviserdigital.com/planadviser/september_october_2022
https://www.planadviserdigital.com/planadviser/july_august_2022
https://www.planadviserdigital.com/planadviser/may_june_2022
https://www.planadviserdigital.com/planadviser/industry_leader_awards_2022
https://www.planadviserdigital.com/planadviser/march_april_2022
https://www.planadviserdigital.com/planadviser/january_february_2022
https://www.planadviserdigital.com/planadviser/november_december_2021
https://www.planadviserdigital.com/planadviser/september_october_2021
https://www.planadviserdigital.com/planadviser/july_august_2021
https://www.planadviserdigital.com/planadviser/may_june_2021
https://www.planadviserdigital.com/planadviser/march_april_2021
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https://www.planadviserdigital.com/planadviser/november_december_2020
https://www.planadviserdigital.com/planadviser/september_october_2020
https://www.planadviserdigital.com/planadviser/july_august_2020
https://www.planadviserdigital.com/planadviser/may_june_2020
https://www.planadviserdigital.com/planadviser/march_april_2020
https://www.planadviserdigital.com/planadviser/january_february_2020
https://www.planadviserdigital.com/planadviser/november_december_2019
https://www.planadviserdigital.com/planadviser/september_october_2019
https://www.planadviserdigital.com/planadviser/july_august_2019
https://www.planadviserdigital.com/planadviser/may_june_2019
https://www.planadviserdigital.com/planadviser/march_april_2019
https://www.planadviserdigital.com/planadviser/january_february_2019
https://www.planadviserdigital.com/planadviser/november_december_2018
https://www.planadviserdigital.com/planadviser/september_october_2018
https://www.planadviserdigital.com/planadviser/july_august_2018
https://www.planadviserdigital.com/planadviser/may_june_2018
https://www.planadviserdigital.com/planadviser/march_april_2018
https://www.planadviserdigital.com/planadviser/january_february_2018
https://www.planadviserdigital.com/planadviser/november_december_2017
https://www.planadviserdigital.com/planadviser/september_october_2017
https://www.planadviserdigital.com/planadviser/july_august_2017
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