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Focus on women and retirement in run up to International Women’s day

by on March 5, 2014

Celebrated annually on 8 March, the 2014 theme for International Women’s Day is: “Equality for women is progress for all”, described by the UN as “a rallying point to build support for women’s rights and participation in the political and economic arenas”.

As is often the case other organizations link in with this event to highlight specific issues of concern, one of which is the Transamerica Center for Retirement Studies reported here.  Based on a recent survey (14th Annual Transamerica Retirement Survey of Workers) they are highlighting Fourteen Facts about women’s retirement outlook:

  1. Only 7 percent of women are “very confident” in their ability to fully retire with a comfortable lifestyle.
  2. Forty-three percent of women expect to work past age 70 or do not plan to retire.
  3. More than half (52 percent) plan to work after they retire.
  4. Most (65 percent) Baby Boomer women do not have a backup plan if forced into retirement sooner than expected.
  5. Fifty-three percent expect to self-fund their retirement through 401(k) or similar accounts or other savings and investments.
  6. Of women who have or plan to take time out of the workforce to be a caregiver, 74 percent believe it will negatively impact their ability to save for retirement.
  7. Forty-five percent of women work part-time so are less likely to have workplace retirement benefits.
  8. Sixty-one percent of women are offered a 401(k) or similar plan.
  9. Seventy-five percent of women who are offered an employee-funded plan participate in the plan.
  10. Six percent is the median contribution of women who participate in their employer’s plan.
  11. Fifty-five percent of women are saving for retirement outside of work in an IRA, mutual fund, bank account, etc.
  12. The majority (59 percent) of women who estimate their financial need guess what their retirement savings needs would be rather than using a calculator or advisor.
  13. Only 35 percent of women use a professional financial advisor, most (79 percent) doing so for retirement investment recommendations.
  14. Many women (53 percent) want information that is easier to understand.

Fourteen Facts survey report and fact sheet and additional information can be found at http://www.transamericacenter.org.

 

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