Ways To Get Women Highly Involved in Retirement Planning With Marcia Mantell

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Hello and welcome to another top advisor marketing podcast. We don't often bring somebody on like my guest Marsha today. And here's why most wage. I don't think there's enough people like her out there. She has an author blogger a retirement industry expert and the author of a couple of books that we're going to talk about today. Now. My favorite thing about March is be fundamentally understands how important it is for you as a financial services professional to Market communicate and help women make decisions when it comes to retirement because it is different you can think to yourself that it's not but you're wrong and we're going to talk about being wrong today and how to make it right Marshall. Welcome to the boss man. Thank you so much for having me. And that was quite an intro. Well, thank you a static. Well, I did we had such a fun pre-call and I was so excited. I saw your on my calendar today and I'm like, I love this lady so wage. All right. First off it just does give us a little bit of a foundation here. How did you become a retirement industry expert in an author of multiple books? Well, you know like many things Matt wage was I fell into it happenstance and sometimes you just walk through a door because someone opened it for you and Wallah you end up having a thirty year career change in my case. I ended up walking through the door at Fidelity Investments back in nineteen. Ninety two as they were I call it inventing the rollover IRA and I got put on an account team that needed to support the marketing and product efforts for the rollover Ira which of course now has become the be-all end-all of our entire business. I thought it was exciting. It was like the wild west and it lasted for thirteen years, which was all good. But meanwhile, I had these two amazing young girls, I was trying to raise at home. And Corporate America and motherhood does not always quite aligned. So I stepped out at Fidelity and said, you know what I need to figure out something different so that I'm not always screaming at my poor kids and I started mental retirement Consulting and just hit fifteen years of doing business consultancy work with the financial firm and financial advisors around the country. Is it specifically directed at women or just your experience in the industry overall? Great idea question here. The women piece evolved over time is what I would say we started out just trying to Grapple with and get our arms around this thing called retirement, you know, in nineteen. Ninety two, the 401K was only twelve years old. Well ten years old really and we were all just trying to figure this thing out and saving for retirement. What did that mean? And you dabbled in it off? Well after thirty years, it has become abundantly clear that women have very different retirements than men they're ill-prepared and they don't even often know how to get their arms around getting themselves prepared for another 30 year chapter. So it has happened over time. It has built over time and for me, I mean you May notice Matt I am a woman. So I'm particularly concerned, you know self-serving for my own benefits and my own retirement and my own ability to navigate the very complicated Financial world that we all live in and so just over time things evolved from being broad retirement zeroing in on two women and what women really nice and how to get in this money game. So that's my travels through retirement and getting two women. I'm going to ask you a really dumb question because just me formulating the question just seems awfully ignorant on my behalf. But why is there such a difference? I mean, you know, we live in society together. Why is there such a fundamental need for financial services professionals to understand the differences in how women want to prepare for retirement and men want to repair for prepare for retirement? Why is there such a big difference wage? Well behavioral Finance would probably have some really academic wonderful. Research to answer that but I'm going to go a different route and I would tell you it's because men and women are fundamentally culturally Society wise. I live in the same Society. We see it differently in our roles are different add to that. The laws that have been written around retirement have been radically different for men and women. I'm going to give you two examples. The first is social security when Social Security was written it's a law so I mean keep in mind here. We've got some thousand five hundred pages of legal doctrine that supports Social Security and Medicare it is a law in in nineteen thirty-five when the Charming men in Congress were fighting this law called the Social Security Act. Society I'm using that in quotes Society was very much what we would consider today a traditional white family. The man worked outside the home the little woman stayed home. She certainly didn't have a job for pay and she raised the children. So the laws were written literally to protect her that the expectation was the man would be out in the world working wage earning a living and providing for his family up until age sixty-five at which point he would enter retirement so he couldn't retire early by the way, he would enter retirement and provide for her still by having earned a paycheck along the way so that's one example, so just even in our laws it set up where men and women are different and have different access to their money the other one though, that just slays me to this day. When I started in the retirement business again, nineteen, ninety two moms at home moms who did not have wages could only contribute $250 to an IRA 250. That was it the working dad the working husband could put in $2,000. She could only put in a hundred and fifty it wasn't until Nineteen Ninety Six, you know, that's like yesterday for me as a baby boomer like oh 1996, you know, I know that era only then could at home moms make equal contributions into an IRA. I still find that stunning. It's jaw-dropping. So women were not even allowed to stay home to raise their kids and be able to save for retirement. So yeah, we live in the same Society but the laws look at these gender roles these traditional roles. Yep. Very differently in the laws are written in that era it can sometimes take a really long time to change them. Yeah

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