Seventeen Facts That Sum Up Women's Retirement Risks
LOS ANGELES, CA, March 1, 2017 -- Today, nonprofit Transamerica Center for Retirement Studies® (TCRS) has released a new research report, Seventeen Facts About Women's Retirement Outlook, which sheds light on vulnerabilities unique to women in their efforts to prepare for a secure retirement. The report is based on findings from TCRS' 17th Annual Transamerica Retirement Survey of Workers, and is being released in conjunction with National Women's History Month which corresponds with International Women's Day on March 8. The focus of International Women's Day is to highlight issues related to women's social, political and economic advancement.
"Today's women are better educated and enjoy career opportunities that our grandmothers' generation could only dream about. Nevertheless, women continue to encounter challenges including lower pay, time out of the workforce for parenting or caregiving, and longer life expectancies that all contribute to unique challenges in adequately saving for retirement," says Catherine Collinson, president of TCRS.
Findings from the TCRS national survey of working women highlight that few have a high level of confidence about their future retirement. Only one in ten are "very confident" that they will be able to retire comfortably. At the same time, more than half are "guessing" at the amount they will need to save in order to feel secure in retirement. Household retirement savings is $34,000 (estimated median) and more than two-thirds indicate that they have no back-up plan if forced into retirement sooner than expected. Four out of five are concerned that Social Security will not be available to them when they are ready to retire.
"The facts are startling and clear. Women must begin taking greater control and gain an understanding of their true retirement outlook," said Collinson. "By confronting challenges head-on, women can acquire essential knowledge about how to achieve financial security and create plans that can help mitigate risks and steer them on a course for financial security and a more positive outlook for their retirement ambitions."
The Seventeen Facts About Women and Retirement
TCRS' new report and fact sheet also offer eight action steps women can take to begin improving their retirement outlook.
For more than a decade, TCRS has published research each year illustrating that women are at greater risk of not achieving a financially secure retirement compared to men. In December 2016, TCRS published Influences of Gender on Retirement Readiness which offers a five-year trend analysis. The goal of TCRS' research is to raise awareness of the retirement risks that women are facing and highlight opportunities in which they can take greater control of their long-term financial security. Please visit TCRS at www.transamerica.org to view the full survey report including comparisons between women and men, fact sheet, infographics, and additional materials. Follow TCRS on Twitter @TCRStudies.
About Transamerica Center for Retirement Studies®
The Transamerica Center for Retirement Studies (TCRS) is a division of the Transamerica Institute®, a nonprofit, private foundation. TCRS is dedicated to conducting research and educating the American public on trends, issues, and opportunities related to saving, planning for, and achieving financial security in retirement. Transamerica Institute is funded by contributions from Transamerica Life Insurance Company and its affiliates and may receive funds from unaffiliated third-parties. TCRS and its representatives cannot give ERISA, tax, investment or legal advice. This material is provided for informational purposes only and should not be construed as ERISA, tax, investment or legal advice. Interested parties must consult and rely solely upon their own independent advisors regarding their particular situation and the concepts presented here. Although care has been taken in preparing this material and presenting it accurately, TCRS disclaims any express or implied warranty as to the accuracy of any material contained herein and any liability with respect to it. For more information about TCRS, please refer to www.transamericacenter.org and follow on Twitter at @TCRStudies.
About the 17th Annual Retirement Survey
This survey was conducted online in the U.S. by Harris Poll on behalf of TCRS between April 11 and May 12, 2016 among a nationally representative sample of 4,161 workers including 2,315 women and 1,827 men. Potential respondents were targeted based on employment status and company size. Respondents met the following criteria: U.S. residents, age 18 or older, full- or part-time workers in for-profit companies, and employer size of 10 or more. Results were weighted to account for differences between the population available via the Internet versus by telephone, and to ensure that each quota group had a representative sample based on the number of employees at companies in each employee size range.
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