<body><div><img src="https://img.particlenews.com/image.php?type=thumbnail_580x000&amp;url=3PzjwC_0wOFIX0d00" alt="https://img.particlenews.com/image.php?url=3PzjwC_0wOFIX0d00" width="500" height="334" >In examining the retirement realities and preparations of women workers, the Transamerica Center for Retirement Studies (TCRS) has published a list of 24 facts about women’s retirement outlook.In fact, 2024 marks the 19th consecutive year that TCRS has published research illustrating how women are at a greater risk of not achieving a financially secure retirement. The research, which is part of the organization’s annual retirement survey and is based on a subsample of 5,730 workers in for-profit companies, aims to raise awareness of the issues and identify actionable solutions.Notably, while nearly 6 in 10 women workers (58%) are confident they will be able to fully retire with a comfortable lifestyle, only 16% are “very confident” and 42% are “somewhat confident.” By comparison, 71% of men are either very confident (23%) or somewhat confident (48%).“Women have made great strides in educational attainment and access to career opportunities in recent decades. Yet, despite this progress, women are still at greater risk than men of not achieving a financially secure retirement,” observed Catherine Collinson, CEO and president of Transamerica Institute and TCRS.Collinson notes that factors, such as the gender pay gap and time out of the workforce for parenting and caregiving, can hinder a woman's lifetime earnings and retirement savings, as well as government and employer benefits. “What's more, women tend to live longer than men, so they have an even greater need to save for older age,” she adds. According to the researchers, the 24 facts below, which are fleshed out in more detail in the accompanying report, provide key indicators and contributing factors that characterize the retirement outlook of women workers: <ol><li>Women workers dream of an active retirement including travel (70%), spending more time with family and friends (60%), pursuing hobbies (49%), working (25%), volunteering (24%), and taking care of grandchildren (21%).</li></ol><ol><li>The "greatest retirement fears" among women include outliving their savings and investments (44%), Social Security being reduced or ceasing to exist in the future (43%), declining health that requires long-term care (41%), not being able to meet the basic financial needs of their family (39%), and cognitive decline, dementia, and/or Alzheimer's disease (37%).</li></ol><ol><li>Almost 4 in 10 women (39%) are currently and/or have previously served as caregivers during their working careers. Among them, more than 8 in 10 women (84%) made work adjustments due to caregiving.</li></ol><ol><li>The most often cited financial priorities are saving for retirement (52%), building emergency savings (46%), paying off credit card debt (42%), saving for a major purchase or life event (36%), and just getting by to cover basic living expenses (36%).</li></ol><ol><li>Women have only $3,000 in total household emergency savings (median) to cover the cost of unexpected major financial setbacks (e.g., unemployment, medical bills, home repairs, auto repairs).</li><li>Only 16% of women are "very confident" that they will be able to fully retire with a comfortable lifestyle.</li></ol><ol><li>One in four women (26%) expect Social Security to be their primary source of retirement income.</li><li>More than three in four women (77%) are concerned that Social Security will not be there for them when they are ready to retire.</li></ol><ol><li>Most women (78%) are saving for retirement at work and/or outside the workplace.</li></ol><ol><li>Women who work full time (81%) are more likely to be offered a 401(k) or similar employee-funded retirement plan than women who work part time (46%).</li></ol><ol><li>Among women offered a 401(k) or similar plan, 79% participate, contributing 10% (median) of their salary.</li></ol><ol><li>A third of women (33%) have taken a loan, early withdrawal, and/or hardship withdrawal from their 401(k) or similar plan or IRA.</li></ol><ol><li>Women have $44,000 in total household retirement savings (estimated median). Baby Boomer women have saved $98,000, compared with Generation X ($61,000), Millennials ($37,000), and Generation Z ($21,000) (estimated medians).</li></ol><ol><li>Just 16% of women say they have "a lot" of working knowledge about personal finance.</li></ol><ol><li>Two-thirds (66%) would like more information and advice from their employer on how to reach their retirement goals.</li></ol><ol><li>Women estimate they will need to save $500,000 (median) to feel financially secure in retirement, but more than half (55%) say that they "guessed" their savings needs.</li></ol><ol><li>Few women (17%) frequently discuss saving, investing, and planning for retirement with family and close friends.</li></ol><ol><li>One in five women (20%) have a financial strategy for retirement in the form of a written plan.</li><li>Only 29% of women currently use a professional financial advisor.</li></ol><ol><li>Just 4 in 10 women (40%) are aware of the Saver's credit/match for eligible taxpayers who save for retirement in a qualified workplace retirement plan or IRA.</li></ol><ol><li>Women plan to live to age 89 (median) and 13% plan to live to 100-plus (40% said they are "not sure" of the age they plan to live, which is a reasonable answer but not practical for financial planning, TCRS notes).</li></ol><ol><li>Half of women (50%) expect to retire after age 65 or do not plan to retire – and 53% plan to work in retirement. Among women who plan to work past age 65 and/or in retirement, more cite financial reasons (82%) than healthy-aging reasons (75%).</li></ol><ol><li>Many women could be more proactive about ensuring they can work as long as they want and need. Just 57% say they are staying healthy, while only 53% are focused on performing well at their current job. Fewer than half (48%) are keeping their job skills up to date.</li></ol><ol><li>Women could be doing more to protect their long-term health. Given the magnitude of what is at stake, relatively few women socialize with family and friends (54%), eat healthy (54%), exercise regularly (53%), and get enough sleep (52%). Even fewer engage in other activities that are necessary for safeguarding one's health (e.g., seeking medical attention when needed, getting routine physicals and recommended health screenings).</li></ol>Policy PrioritiesThe survey findings further reveal that women workers' top priority to help people have a financially secure retirement is for policymakers to address Social Security's funding shortfalls (60%).Other priorities include making out-of-pocket health care expenses and prescription drugs more affordable (50%), addressing Medicare's funding shortfalls (48%), and ensuring all workers can save for retirement in the workplace (46%), among others.“Everyone must do their part and play a role in improving women's retirement security,” emphasized Collinson. “Policymakers can pave the way by addressing structural barriers and implementing reforms, employers can enhance their business practices and benefit offerings to be more inclusive of women's needs, women can take charge by further engaging in financial planning, and men can lean in and do more as advocates and allies.”The full report on women’s retirement outlook can be found here.</div></body>

Mountain View, CA

NewsBreak

A Compendium of Facts About Women’s Retirement Outlook

In examining the retirement realities and preparations of women workers, the Transamerica Center for Retirement Studies (TCRS) has published a list of 24 facts about women’s retirement outlook. In fact, 2024 marks the 19th consecutive year that TCRS has published research illustrating how women are at a greater risk...