Royce Shook

5 years ago · 1 min. reading time · 0 ·

Blogging
>
Royce blog
>
Facts women and retirement

Facts women and retirement

Here are 18 facts from the  #1674b1; outline-offset: 0px; outline: 0px; text-decoration-line: none; word-wrap: break-word;" href="http://transamericacenter.org/docs/default-source/women-and-retirement/tcrs2018_women_take_control_of_retirement_fact_sheet.pdf" rel="nofollow" target="_blank">Transamerica survey about women in retirement:

  • Only 12% of women are "very confident" in their ability to retire fully with a comfortable lifestyle.
  • About 53% of women plan to retire after 65 or do not plan to retire at all.
  • About 54% of women plan to work after they retire -- 11% plan to work full-time and 43% part-time.
  • Women could struggle to ensure they are, in fact, prepared to work in retirement. While 63% said they are staying healthy, only 57% are focused on performing well at their current job and 46% are keeping their job skills up to date.
  • Roughly 64% do not have a backup plan for retirement income if forced into retirement sooner than they expected.
  • Paying off debt is a financial priority for almost 68% of women. Only 51% of women cite saving for retirement as a priority.
  • About 73% are saving for retirement through a workplace plan and/or outside of work in an IRA, mutual fund, bank account, etc. Women started saving for retirement at 27, on average.
  • About 45% of women expect their primary source of retirement income to come from savings and investments such as 401(k), 401(b) and IRA accounts, while 30% expect to rely on Social Security.
  • However, 81% of women are concerned that Social Security won't be there for them when they are ready to retire.
  • Roughly 47% of Baby Boomer women said they know a great deal or quite a bit about Social Security benefits.
  • About 66% of women are offered a 401(k) or similar employee-funded retirement plan, but 28% of women work part-time and are less likely to have workplace retirement benefits.
  • About 77% of women who are offered an employee-funded plan participate in the plan. They contribute, on average, 7% of their salary to the savings plan.
  • Women believe they will need to save $500,000, on average, in order to feel financially secure in retirement -- but about 55% said they "guessed" to land on that figure.
  • Women's total household retirement accounts are $42,000 (estimated median).
  • Women's emergency savings are just $2,000, though.
  • Just 28% of women are aware of the Saver's Credit, a special tax break to low- and moderate-income taxpayers who are saving for retirement.
  • One in three women uses a professional financial adviser to help manage their retirement savings and investments.
  • Only 26% of women consider their long-term health when making lifestyle decisions.

df3d4dcb.jpg

Comments

Articles from Royce Shook

View blog
20 hours ago · 1 min. reading time

Please note that these statements are intended to be humorous and based on stereotypes I have heard ...

2 days ago · 1 min. reading time

My thanks to Walter and his sense of "old" humour for these · 'OLD' IS WHEN... · Your sweetie says · ...

6 days ago · 1 min. reading time

Once upon a time, there was a King who decided to spice up his kingdom's roads with a giant boulder. ...

You may be interested in these jobs

  • 2786370 Ontario Inc.

    general manager, sales

    Found in: Talent CA 2 C2 - 5 days ago


    2786370 Ontario Inc. Toronto, Canada

    Education: College/CEGEP · Experience: 1 year to less than 2 years · Tasks · Allocate material, human and financial resources to implement organizational policies and programs · Authorize and organize the establishment of major departments and associated senior staff positions · ...


  • CISSS de la Montérégie-Est Sorel, Canada Permanent- Temps complet

    Description · : Appel à tous les détenteurs d'un baccalauréat en criminologie faisant parti de l'ordre des criminologues du Québec - La protection de la jeunesse a besoin de vous pour faire une réelle différence dans la vie des enfants en difficulté. · Actuellement la protection ...

  • Imaginarium Daycare

    early childhood educator

    Found in: Talent CA 2 C2 - 5 days ago


    Imaginarium Daycare Victoria, Canada

    Education: College, CEGEP or other non-university certificate or diploma from a program of 1 year to 2 years · Experience: Experience an asset · Tasks · Storytelling · Lead activities by telling or reading stories, teaching songs and taking children to local points of interest · ...