Longer Retirement, Lower Incomes Hurt Women

Women’s retirement needs differ from those of their male counterparts since they outlive men by an average of seven years and have considerably lower lifetime earnings due to childbearing and family responsibilities.

In addition, their salaries are, on average, 30% lower than those of men, leading to lower pensions and social security benefits.

But women remain unconcerned. The survey of 1,000 American adults, commissioned by Million Dollar Round Table (MDRT), an association of life insurance and financial services professionals, found that:

• nearly half of female respondents don?t know how much money they?ll need for retirement,
• some 56% said they plan to rely on their husband, inheritance or a stock market windfall,
• almost 50% have mostly conservative investments, and
• nearly 25% of think $100,000 will be enough to fund a 20 years in retirement.

Some 70% of the women surveyed have retirement concerns.

• just over 40% worried about not being able to maintain their current lifestyles, and
• only 8% viewed medical expenses as a concern

– Camilla Klein                              editors@plansponsor.com

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