Women’s inability to retire

The Transamerica Center for Retirement Studies released a new study last week with a series of facts highlighting how women face retirement in 2024, finding that half of women (50%) expect to retire after age 65 or do not plan to retire, and 53% plan to work in retirement.

The hesitancy could stem from the fact that many have not saved enough to reach their usual annual income. Women reported having $44,000 in total household retirement savings, while Baby Boomer women have saved $98,000, compared with Generation X ($61,000), Millennials ($37,000), and Generation Z ($21,000). Transamerica reports that it is questionable whether many women are saving adequately for a retirement that could last 20 to 30 or more years.

Among women who plan to work past age 65 and/or in retirement, more cite financial reasons (82%) than healthy-aging reasons (75%).

Furthermore, only 20% of women have a financial strategy written for retirement.