What financial risks do women face in the United States?
Writer’s Note: I am sharing this data with you in the hopes that you may do a better job than I did preparing for retirement. When I was rising through the ranks, I did not always maximize my contributions to a 401K plan or IRA. Today there is an even greater need for self direction to create a personal retirement plan and I hope you will find this information helpful. -Kathy Sperl-Bell
A study provided by the nonprofit Transamerica Center for Retirement Studies® (TCRS) titled, Fourteen Facts About Women’s Risky Retirement Outlook raises awareness of the financial risks women in the United States face and how they can improve their retirement outlook.
“Our research has found that women around the world are concerned that future generations of retirees will be worse off than current retirees,” said Catherine Collinson, president of TCRS.
Based on select findings from the 14th Annual Transamerica Retirement Survey of Workers, Fourteen Facts highlights specific areas of opportunity for women (and offers comparisons to men).
It also outlines some of the underlying reasons why women are at greater risk than men of not achieving a secure retirement, such as lower incomes, lower lifetime earnings, time out of the workforce to be a parent or caregiver, and longer life expectancies that drive a need for greater savings.
Did you know that…
Only 7% of women are very confident in retirement
61% of women are offered a 401(k) or similar plan
45% of women work part-time and
43% of women plan to retire after age 70
52% of women plan to work in retirement
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