Seniors Aren’t Saving: A Third of Women Have Less Than $10K For Retirement

retirement savings crisis

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Whether there’s a retirement savings crisis in this country is open to debate, but survey findings such as this don’t instill confidence. Yes, Social Security is a factor, but Sagewell Financial’s Senior Certainty Index reports that 27% of seniors overall have less than $10k saved for retirement, and the number rises to nearly one-third of senior women specifically.

“It is disheartening to learn that more than a quarter of Baby Boomers have less than $10,000 saved for retirement—that number jumps to 32% among women.”

The retirement planning fintech added that nearly three-quarters of all seniors were concerned that the war in Ukraine could impact their retirement planning and savings, while only 45% felt the same way about the pandemic. More than seven out of 10 are planning to or willing to work in retirement and 29% are using or interested in crypto as an investment.

“It is disheartening to learn that more than a quarter of Baby Boomers have less than $10,000 saved for retirement—that number jumps to 32% among women,” Sam Zimmerman, Sagewell co-founder and CEO, said in a statement. “Fifty-Seven percent Nearly 60% of seniors expect to live on less than $3,000 a month in retirement. We are at a crisis point now, and it will worsen unless we take drastic steps to improve the way our seniors plan for and live in retirement.”

Specific findings

Seniors plan to retire differently than previous generations

Paying for retirement

Gender inequity

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