Women Need Help Improving Retirement Confidence

By Lee Barney | PLANSPONSOR |

Fifty-three percent of women plan to retire after the age of 65, including 13% who do not plan to ever retire, according to the Transamerica Center for Retirement Studies. Of those who plan to work past retirement age, 58% say they want the income, 48% say they are concerned that Social Security will provide them with less income than they expected, and 47% say it will be because they cannot afford to retire because they will not have saved enough.

Fifty-five percent of women are afraid they will outlive their savings, compared to 49% of men. Fifty-three percent of women think that Social Security will be reduced or will not exist at all, compared to 43% of men. Forty-eight percent of women fear that they will be unable to meet the basic financial needs of their family in retirement, compared to 36% of men. Forty-seven percent of women worry that they will need long-term care, compared to 34% of men, and 36% of women fear they will suffer cognitive decline, compared to 33% of men. Only 12% of women are very confident that they will be able to retire with a comfortable lifestyle.

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