• Female VC Lab
  • Posts
  • E113: Cheryl L. Evans, JD - Lifetime Financial Security (LFS) Program of the Milken Institute’s Finance

E113: Cheryl L. Evans, JD - Lifetime Financial Security (LFS) Program of the Milken Institute’s Finance

Author

Barbara Bickham
May 16, 2025

Hi Impactful Listener!

In this episode of Female VC Lab, Cheryl L. Evans joins host Barbara Bickham from the Milken Institute’s Global Conference to discuss longevity, retirement planning, and the emerging wealth transfer impacting women and future generations. Drawing on her background in securities law and financial education, Cheryl shares actionable insights about financial security, the necessity of lifetime income, and challenges and opportunities for younger generations in today’s economic landscape.

Key Points Discussed

  • The importance of financial security throughout one's life and the evolution of retirement planning concepts.

  • How longevity trends, generational wealth transfer, and gender are shaping financial futures.

  • Innovative retirement products like guaranteed income and their role in replacing declining pension plans.

  • Personalization of retirement and financial plans according to individual lifestyles and aspirations.

  • The future of venture capital, especially regarding women’s growing involvement and leadership as beneficiaries of the wealth transfer.

🎧 Watch the Episode

Chapters

  • 00:14 Cheryl’s introduction and journey from securities law to financial security advocacy.

  • 01:33 Discussing Gen Z, Millennials, and the unique headwinds they face in wealth-building.

  • 04:16 Insights from the retirement lessons panel, longevity, and the evolving definition of retirement.

  • 05:47 Decline of traditional pensions and rise of guaranteed income products.

  • 10:05 The impact of longer life spans and the wealth transfer on venture capital and women’s economic empowerment.

  • 13:21 Cheryl’s vision for more women in VC and actionable resources for getting involved.

Full Topic Guide

The New Era of Financial Security – Strategies for Lasting Impact

Opening the Conversation: From Law to Longevity (Introduction)

In Episode 113 of Female VC Lab, Cheryl L. Evans, Director of the Lifetime Financial Security Program at the Milken Institute, sits down with host Barbara Bickham to explore the shifting landscape of financial security. Having traversed a career from the Securities and Exchange Commission to coaching and global finance think tanks, Cheryl brings a unique perspective on helping individuals achieve security at every life stage.

Addressing the Needs of Younger Generations

The episode spotlights the hurdles facing Millennials and Gen Z: housing affordability doubts, student loan burdens, and uncertainties around traditional wealth-building paths. Cheryl describes how the Milken Institute is broadening its approach beyond retirement to include early-stage wealth building. She highlights a panel featuring experts from personal finance education, student debt solutions, major financial institutions, and women-focused investment platforms like Ellevest, focusing on both macroeconomic trends and tangible solutions.

Rethinking Retirement in the Longevity Economy

Retirement today is not what it once was. With more people living well into their 80s and beyond, retirement planning must evolve. The episode recaps a Milken panel—featuring thought leaders from Morningstar, Transamerica, and others—about adapting to this new reality. Key themes include the personalization of retirement strategies (“visualizing your life so you know how much you need”), the decline of pension plans, and the critical role of “lifetime income” or guaranteed income products (annuity-like investments within 401(k)s).

Guaranteed Income Products: A New Safety Net

As traditional pensions fade, Cheryl explains the industry's innovative response: embedding guaranteed income products into retirement plans. These options can offer financial security akin to pensions, though not typically adjusted for inflation. Yet, uptake is slow due to lack of awareness, legal complexities, and the need for employer and employee education. The conversation stresses why such products should be recognized as their own asset class and how they can help prevent poverty among retirees.

Wealth Transfer, Women, and the Future of Venture Capital

Cheryl addresses the “great wealth transfer,” with women positioned to inherit and control increasingly significant assets. Combined with the growing trend of older entrepreneurs and longer working lives, this shift could transform venture capital—potentially fueling more women-led startups and VC firms. Through initiatives like the Milken Institute’s Women’s Financial Security program, Cheryl advocates for empowering women with financial confidence and support, inspired in part by leaders like Gloria Steinem.

Personalization, Visualization, and Empowerment

A central message is the need for everyone to craft personalized financial plans based on their life visions. Cheryl highlights tools, expert advice, and the importance of being proactive—"plan the life so you know how you're going to fund it." The episode closes with resources for engaging with the Milken Institute and a look ahead at its high-tech Washington center focused on advancing the American Dream.

Notable Quotes from the Guest

Women Leading the Future of Venture Capital: "I'm hopeful that there'll be more women in VC, more women starting companies, running companies, and leading some of the current VC firms.” - Cheryl Evans

Fun Facts or Interesting Tidbits

  1. Cheryl once facilitated a women’s financial confidence discussion circle led by Gloria Steinem in her New York home at age 91.

  2. The Milken Institute is about to launch a high-tech center dedicated to financial security—right by the White House.

  3. Most retirees today receive an average Social Security benefit of under $2,000/month, below what’s needed for basic living.

Episode Resource: Learning, Reading, and Listening

In the episode, Cheryl Evans shared various resources she is currently learning from, reading, or listening to. Here are those resources:

These resources give insights into various aspects of finance, investments, and notable financial events, which can be highly beneficial for anyone interested in the field of venture capital or financial services.

Cheryl L. Evans, JD, leads the Lifetime Financial Security (LFS) Program of the Milken Institute’s Finance pillar. She frequently discusses a variety of issues related to financial security and retirement savings and has been cited in publications such as US News and World Report, Yahoo Finance, Bloomberg News, MarketWatch, CBS News, Pensions & Investments, McKnight’s Senior Living, and TheStreet. Evans is the co-author of Shifting the Retirement Paradigm: Moving toward Lifetime Financial Security and Enhancing Retirement: Advancing Lifetime Income for All. She has also written for the Work Megatrends Section of AARP’s International website and has published several law review articles.

Evans has worked at CFA Institute, where she worked in its enforcement program, helped lead the research for its Future of Finance global initiative, and worked in its educational events and programs area, where she also spoke on issues faced by women in finance and law. She worked as special counsel at the US Chamber of Commerce, where she engaged in legal writing, public speaking, advocacy, and strategy work and was registered as a federal lobbyist. Evans was also a part of the Chamber’s economic crisis working group, contributed to two capital markets studies, led a large economic study, and led two academic working groups focused on securities litigation and corporate criminal law.

She spent over 11 years as senior counsel at the US Securities and Exchange Commission (SEC). At the SEC, Evans worked in the Division of Enforcement, where she handled a variety of investigations, was a member of the WorldCom case team, served as the liaison to the Office of International Affairs, and was a part of a criminal fraud task force. She also worked in the division of Trading and Markets, where she approved financial products and interpreted trading rules, and in the division of Examinations, where she inspected compliance programs, at the SEC.

Evans was appointed to work as a special assistant US attorney in the Eastern District of Virginia prosecuting felony and misdemeanor criminal cases. She also served as a trial attorney in the Commercial Litigation Section of the US Department of Justice, where she worked at both the trial and appellate levels handling international trade cases, banking trials, and government contract bid protests, and she served as a judicial law clerk at the US Court of Appeals for Veterans Claims. Evans holds a BA from Marietta College, a JD from Rutgers Law School, and an LLM in transnational business practice from the University of the Pacific’s McGeorge School of Law and Salzburg Law School in Austria. She is a member of the Pennsylvania Bar.

Fund Information

The Milken Institute Finance pillar addresses challenges across the financial system to increase access to capital, savings, and investments, particularly for underserved individuals, businesses, and communities. Our thought leadership, research, and insights influence private sector practices and public sector policies that improve equitable access, efficiency, and reliability of financial markets and institutions.

Enterprise AI Daily

Your go-to source for no-fluff AI insights, real-world use cases, and actionable strategies for 10,000+ enterprise leaders. Beyond hype. Beyond theory. Beyond doubt.

www.enterpriseaisolutions.io/subscribe?_bhba=907c6b54-fedb-4354-a9cb-49ee6fbc8962

Supercool

Discover supercool climate solutions that raise profits and quality of life—now scaling around the U.S. and across the globe.

supercool.beehiiv.com/subscribe?_bhba=907c6b54-fedb-4354-a9cb-49ee6fbc8962

Check out our podcast from Million Podcasts in the following categories:

35 Best Angel Investors Podcasts, 30 Best Female Investing Podcasts, 90 Best Alternative Investment Podcasts, 60 Best Female Finance Podcasts, 40 Best Impact Investing Podcast and 100 Best Venture Capital Podcasts list.

Support The Podcast

Support the Female VC Lab Podcast by buying us a coffee here, grabbing some merch here, becoming a sponsor here or leaving us a review here!

If you enjoyed this episode, subscribe to the Female VC Lab Podcast for more insights from leading female investors shaping the future of venture capital. Share this episode with someone who would benefit from their impactful stories and vision.

Got thoughts on this episode? Hit reply and let me know! I’d love to hear from you. 💌

Best,
Barbara

Reply

or to participate.