Slideshow 16 things advisers should know about women and retirement

Published
  • March 08 2016, 1:11am EST

16 things advisers should know about women and retirement

March 8 is International Women’s Day. In the 21st century women are better educated and enjoy more career opportunities but a woman’s path to a secure retirement is filled with obstacles, such as lower pay and time out of the workforce for parenting or caregiving. These can negatively impact her own long-term financial prospects, according to the Transamerica Center for Retirement Studies (TCRS)

The group shares 16 facts about women’s retirement outlook.

Fact #1

Few women are very confident about retirement.

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Fact #2

Most women plan to retire after age 65 or not at all.

Fact #3

Half of women plan to continue working in retirement.

Fact #4

Most baby boomer women don’t have a backup plan.

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Fact #5

Many women plan to self-fund their retirement .

Fact #6

Women have concerns about the future of social security.

Fact #7

Women have concerns over time-off for caregiving and its impacts on retirement.

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Fact #8

Many women work part-time.

Fact #9

Women are less likely to be offered retirement benefits.

Fact #10

Women’s participation lags in 401(k) or similar plans.

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Fact #11

Women’s annual contributions lag in 401(k) or similar plans.

Fact #12

Most women are saving outside of work.

Fact #13

Women estimate they will need $1 million for retirement.

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Fact #14

Women are guessing their retirement savings needs.

Fact #15

Some women use professional advisers.

Fact #16

Women want information that is easier to understand.