4 Ways Women Can Win with the SECURE Act

The legislation wasn’t designed only for women, but there are four distinct ways they can take advantage with these retirement planning opportunities.

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While women have historically done better than men (opens in new tab) in the stock market by about 0.4% per year, they are undeniably in a worse position when it comes to retirement security. This disadvantage stems from fewer years spent in the workforce, longer life expectancy, the wage gap and less access to workplace retirement plans.

The SECURE Act, which became law just before Christmas, was designed to help Americans save for retirement and includes provisions that address some of these issues. Needless to say, it does not tackle the wage gap, which, according to the World Economic Forum, at the current rate, will be closed in a mere 257 years.

I teach about 20 women’s financial planning workshops per year. I hope this is a class that will phase out over time as we close the wage gap and provide women more access to retirement plans. In the meantime, here’s what I will be talking about to women in 2020 regarding the SECURE Act:

Written by Evan Beach, a Certified Financial Planner™ professional and an Accredited Wealth Management Adviser. His knowledge is concentrated on the issues that arise in retirement and how to plan for them. Beach teaches retirement planning courses at several local universities and continuing education courses to CPAs. He has been quoted in and published by Yahoo Finance, CNBC, Credit.com, Fox Business, Bloomberg, and U.S. News and World Report, among others.

This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC (opens in new tab) or with FINRA (opens in new tab).

This article was written by and presents the views of our contributing adviser, not the Kiplinger editorial staff. You can check adviser records with the SEC or with FINRA.

Evan T. Beach, CFP®, AWMA®
Wealth Manager, Campbell Wealth Management

Evan Beach is a Certified Financial Planner™ professional and an Accredited Wealth Management Adviser. His knowledge is concentrated on the issues that arise in retirement and how to plan for them. Beach teaches retirement planning courses at several local universities and continuing education courses to CPAs. He has been quoted in and published by Yahoo Finance, CNBC, Credit.com, Fox Business, Bloomberg, and U.S. News and World Report, among others.