16 things employers should know about women and retirement
March 21, 2016 6:02 AM
16 things employers should know about women and retirement
March 8 was 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.
The group shares 16 facts about women’s retirement outlook.
Fact #1
Few women are very confident about retirement.
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.
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.
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.
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.
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.
