As the old ad campaign said, “You’ve come a long way, baby.” But despite the fact that women are widely reported to be the primary decision makers in household finances, they have less saved for retirement than men, according to the ING Retirement Research Institute. What’s more, women also have longer average life expectancies, so most have a longer retirement for which to plan. Women still have some catching up to do.
Baby boomer women with savings have $200,000 or more set aside for retirement, according to the Insured Retirement Institute. Only one-quarter of Generation X women have $100,000 or more saved for retirement. And large majorities of both generations of women express weak or no confidence that they will have enough money for a comfortable retirement.
Women can do better.
Just One Thing You Can Do This Week
Fortunately, there are steps everyone can take to help plan for a better retirement. You can start by defining what you want your retirement to look like—travel, working later, starting a business, or spending new-found time in other ways. Then you can get acquainted with our retirement tools. They can help give a clearer picture of how much you may need for retirement. Then learn about the tools in your arsenal to start building a nest egg.
Then just do it, to borrow again from Madison Avenue.
Source: ING Retirement Research Institute, “What About Women (And Retirement?)” May 2014
Insured Retirement Institute, “Baby Boomer & GenX Women: Retirement Readiness and the Role of Women Financial Advisors,” May 2012
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