By the numbers: women and retirement
Having the retirement you deserve
To be honest, the stats aren’t great. Some of us may outlive our retirement funds because we’re all living longer and women, in general, have lower lifetime savings because they often don’t work as many years and may not take as active a role in their retirement planning as men typically do.
But it’s OK. You can do this. No matter where you are in your retirement planning, it’s not too late. Our agents or registered representatives can help you stretch your retirement income and gain peace of mind. But we’ve got a lot of work to do. Here’s why.
- The Social Security Dream:
Even with all the concerns over Social Security, 63% of Americans still believe they will be able to rely on it for retirement income. Source: Wells Fargo,2010
- Living longer:
On average, a woman retiring at age 65 can expect to live another 19 years, 3 years longer than a man retiring at the same age. Source: Department of Labor, 2011
- Be a savings leader. You’ll sleep better:
Of the 62 million working women (age 21 to 64) in the United States, just 45 percent participate in a retirement plan. Source: Department of Labor, 2011
Getting an early start on retirement savings and contributing regularly to a retirement plan is good for your health. Women who started saving for retirement before age 30 and who contribute regularly to their retirement savings feel less anxious (28% vs. 43%), less frustrated (20% vs. 36%), less regretful (9% vs. 20%), and more positive (42% vs. 27%) and satisfied (33% vs. 16%) about retirement compared to those women who started saving after age 30 and who didn't contribute regularly to retirement savings. Source: TD Ameritrade, 2012
Among full-time, full-year workers, women had a higher percentage participating in retirement plans than men—55.5 percent for women, compared with 53.8 percent for men. Source: Employee Benefit Research Institute, 2011
- Take control:
Percentage of people who reviewed their retirement plans in detail over last year: men 56%, women 34%. Source: Towers Watson, 2012
Percentage of people who tried to calculate how much they’ll need to comfortably retire: men 67%, women 45% Source: Towers Watson,2012
Percentage of people who are comfortable making their own retirement investment choices: men 62%, women 37% Source: Towers Watson,2012
Ready to get started? Quick steps you can take now:
Boost your financial savvy: There are plenty of financial websites which can help you learn the basics and more about saving and investing. And the more you know, the more confident you’ll be in your choices.
Know your numbers: It may seem overwhelming, but it should only take a few minutes to calculate your savings, assets and expenses. By doing this, you’ll know your starting point for your retirement savings, plus you may be surprised at your expenses and may be able to cut out some unnecessary expenses./p>
Maximize your employer’s retirement plan: Many employers match at least part of your contribution to a company-sponsored retirement plan. It’s free money, take it!
Some of the stats may seem daunting, but keep your eye on the retirement finish line and you’ll cross it before you know it.