Women’s History Month: Retirement Outlook for Women
March is Women’s History Month, a time to re-evaluate the retirement outlook for women.
Women have made financial progress over the decades; however, women still face retirement obstacles. According to a new report from the Transamerica Center for Retirement Studies released during Women’s History Month, only one in 10 women are very confident that they will be able to retire comfortably. (1)
Among those who have tried to figure out how much to save for retirement, 56 percent have guessed. Additionally, more than two-thirds report having no backup plan if they are forced to retire earlier than they are planning. (1)
With the Department of Labor reporting just 44 percent of the 63 million employed women in the U.S. participate in an employee retirement plan, the retirement outlook for women needs further progression. (2)
Furthermore, women are projected to live longer. According to data compiled by the Social Security Administration, a woman turning age 65 today can expect to live, on average, until age 86.6. This is 2.3 years longer than a man of the same age whose average life expectancy is 84.3 years. (3)
Women having an increase in longevity may seem ideal, but it also showcases the importance of saving more for a longer retirement.
When asked what would motivate them to learn more about saving and investing for retirement, 57 percent of women say information that is easier to understand, followed by “larger tax breaks and incentives for saving in a retirement plan” (40 percent) and “a financial advisor” (34 percent). (1)
Below, ProNvest highlights continued important statistics in regard to the retirement outlook for women:
Start saving for retirement with a plan. ProNvest offers goals-based planning to our plan participants, taking into account individual, unique financial situations. Additionally, ProNvest has retirement counselors available to help our plan participants with the planning process.
1 – https://www.transamericacenter.org/docs/default-source/women-and-retirement/tcrs2017_sr_women_and_retirement_17_facts.pdf
2 – https://www.dol.gov/sites/default/files/ebsa/about-ebsa/our-activities/resource-center/publications/women.pdf
3 – https://www.ssa.gov/planners/lifeexpectancy.html