New Update: Healthcare Costs Increasing by Over 60% in Some States. Will you be impacted?

Empowering Women at Ares Management: 4 Essential Retirement Strategies to Consider

Healthcare Provider Update: Provides medical, dental, and vision insurance, along with mental health benefits and flexible work arrangements 11. With ACA premiums projected to rise 18% or more 2, Aress benefits may help employees avoid marketplace instability and maintain comprehensive coverage Click here to learn more

Preparing for retirement at Ares Management can look a little different for women than it does for men. Although stereotypes are changing, women are still more likely to serve as caretakers than men are, meaning they may accumulate less income and benefits due to their time absent from the workforce. Research shows that 31% of women are currently or have been caregivers during their careers. Women who are working also tend to put less money aside for retirement. According to one report, women contribute 30% less to their retirement accounts than men.

These numbers may seem overwhelming, but you don’t have to be a statistic. With a little foresight, you can start taking steps now, which may help you in the long run. Here are three steps to consider that may put Ares Management employees ahead of the curve.

Talk about money. Nowadays, discussing money is less taboo than it’s been in the past, and it’s crucial to take control of your financial future. If you’re single, consider writing down your retirement goals and keeping them readily accessible. If you have a partner, make sure you are both on the same page regarding your retirement goals. The more comfortably you can talk about your future, the more confident you may be to make important decisions when they come up.
Be proactive about your retirement after Ares Management. Do you have clear, defined goals for what you want your retirement to look like? And do you know where your Ares Management retirement accounts stand today? Being proactive with your Ares Management retirement accounts allows you to create a goal-oriented roadmap. It may also help to adapt when necessary and continue their journey regardless of things like relationship status or market fluctuations.

Make room for your future in your budget. Adjust your budget to allow for retirement savings, just as you would for a new home or your dream vacation. Like any of your other financial goals, you may find it beneficial to review your retirement goals on a regular basis to make sure you’re on track.

Retirement may look a little different for women, but with the right strategies – and support – you’ll be able to live the retirement you’ve always dreamed of.

Transamerica.com, 2021

GAO.gov, 2021

Featured Video

Articles you may find interesting:

What is the purpose of Ares Management's 401(k) plan?

The purpose of Ares Management's 401(k) plan is to help employees save for retirement by providing a tax-advantaged way to contribute a portion of their salary.

What types of contributions can employees make to Ares Management's 401(k) plan?

Employees can make pre-tax contributions, Roth (after-tax) contributions, and, if eligible, catch-up contributions to Ares Management's 401(k) plan.

Does Ares Management offer a company match for 401(k) contributions?

Yes, Ares Management offers a company match for employee contributions to the 401(k) plan, subject to specific terms and conditions.

How often can employees change their contribution amounts to Ares Management's 401(k) plan?

Employees can change their contribution amounts to Ares Management's 401(k) plan at any time, subject to plan rules.

What investment options are available in Ares Management's 401(k) plan?

Ares Management's 401(k) plan offers a variety of investment options, including mutual funds, target-date funds, and other investment vehicles.

Is there a vesting schedule for the company match in Ares Management's 401(k) plan?

Yes, Ares Management has a vesting schedule for the company match, which determines when employees fully own the matched contributions.

What is the maximum contribution limit for Ares Management's 401(k) plan?

The maximum contribution limit for Ares Management's 401(k) plan is set by the IRS and may change annually; employees should check the current limit for the year.

Can employees take loans against their 401(k) balance at Ares Management?

Yes, Ares Management allows employees to take loans against their 401(k) balance, subject to specific terms and conditions outlined in the plan.

What happens to an employee's 401(k) balance if they leave Ares Management?

If an employee leaves Ares Management, they can choose to roll over their 401(k) balance to another retirement account, leave it in the plan, or withdraw it, subject to tax implications.

How can employees access their 401(k) account information at Ares Management?

Employees can access their 401(k) account information through the Ares Management benefits portal or by contacting the plan administrator.

With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.

Ares Management has recently announced a restructuring plan aimed at streamlining operations and reducing overhead costs. This restructuring includes potential layoffs and changes to employee benefits as part of a broader effort to improve operational efficiency. It is crucial to address this news due to the current economic environment, where companies are making significant adjustments to adapt to shifting market conditions and regulatory changes. The investment climate is uncertain, and understanding these changes is vital for navigating financial planning and tax implications. Additionally, political decisions on economic policies may influence how these restructuring measures impact employees' retirement plans and benefits.

Additional Articles

Check Out Articles for Ares Management employees

For more information you can reach the plan administrator for Ares Management at 2000 Avenue of the Stars Los Angeles, CA 90067; or by calling them at (310) 201-4100.