- 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
Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with over six years of experience and a passion for telling stories and reporting news. Amanda received her degree in journalism and government and politics at St. John’s University. She is originally from Queens, New York, but now resides in Denver, Colorado with her partner. In her free time, Amanda enjoys running, cooking, and watching the latest drama show.
