Among other types of concerns, women are worried more about cognitive decline (37-32); possible long-term care costs (33-31); losing their independence (33-27). Image: Shumytskaya Olga/Shutterstock.com
By: FEDweek StaffCurrently working men and women have largely similar hopes for retirement but levels of concern are consistently higher among women, says a study from the TransAmerica Center for Retirement Research.
A report based on a poll of some 5,600 persons evenly split by gender found largely similar hopes for travel, spending more time with family and friends, pursuing hobbies, and continuing to perform some work such as starting a business of having an “encore” career in a different field. The only notable differences were that among men, about a tenth more are looking forward to pursuing hobbies and performing some work.
However, “women are generally more likely to cite having various greater retirement fears than men,” it found. Among financial concerns, more women than men worry that they will outlive their savings and investments (44-38 percent); that Social Security will be reduced or cease to exist in the future (43-34); declining health that requires long-term care (41-39); and not being able to meet the basic financial needs of their family (39-29).
Among other types of concerns, women are worried more about cognitive decline (37-32); possible long-term care costs (33-31); losing their independence (33-27); lack of access to affordable healthcare (30-25); and lack of affordable housing (30-23).
Relatedly, the 16 percent of women who are very confident they will be able to fully retire with a comfortable lifestyle, and the 42 percent who are somewhat confident “lags that of the 71% of men who are either very confident (23%) or somewhat confident (48%),” it said.
One reason for such concern is that “Women workers’ total savings in household retirement accounts is almost half of men workers’ ($44,000, $84,000, respectively) (estimated medians) as of late 2023. Women are significantly less likely than men to have saved $250,000 or more in total household retirement accounts (23%, 32%). A worrisome 25% of women and 17% of men have saved less than $10,000 or nothing at all.”
Also relatedly, 50 percent of women vs. 47 percent of men don’t expect to retire until after age 65 or not at all. The top reasons for women expecting to continue to work included interrelated financial issues: needing the income, concern about Social Security and being unable to afford to retire.
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