- 7. One in four women (26%) expect Social Security to be their primary source of retirement income.
- 6. Only 16% of women are “very confident” that they will be able to fully retire with a comfortable lifestyle.
- 5. Women have only $3,000 in total household emergency savings (median) to cover the cost of unexpected major financial setbacks (e.g., unemployment, medical bills, home repairs, auto repairs).
- 4. Women’s most often cited financial priorities are saving for retirement (52%), building emergency savings (46%), paying off credit card debt (42%), saving for a major purchase or life event (36%), and just getting by to cover basic living expenses (36%).
- 3. Almost four in 10 women (39%) are currently and/or have previously served as caregivers during their working careers. Among them, more than eight in 10 women (84%) made work adjustments due to caregiving.
- 2. The “greatest retirement fears” among women include outliving their savings and investments (44%), Social Security being reduced or ceasing to exist in the future (43%), declining health that requires long-term care (41%), not being able to meet the basic financial needs of their family (39%), and cognitive decline, dementia, and/or Alzheimer’s disease (37%).
- 1. Women workers dream of an active retirement including travel (70%), spending more time with family and friends (60%), pursuing hobbies (49%), working (25%), volunteering (24%), and taking care of grandchildren (21%).
SEE ALSO:
Women’s Retirement Planning Hit by Confidence, Savings Hurdles
Women’s Retirement Savings Challenges Highlighted in TCRS Survey Report
Middle Class Retirement Confidence Crisis: 1 in 3 Unsure They Will Save Enough
Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with nearly a decade of experience and a passion for telling stories and reporting news. She is originally from Queens, New York, but now resides in Denver, Colorado.
