Wells Fargo recently released their sixth annual retirement survey, and according to this study, women still lag in saving for retirement. The survey focused on women of the middle class in their mid 20s to those who are already retired and in their 60s
- Just 54% of women said they are "confident" they will have enough saved to "live the life they want" in retirement, compared to 62% of men.
- Although both men and women are underfunded for retirement, women have saved less than men. women also set their sights lower than men's. When asked how they thought they would need to sustain for retirement, women said they aimed a median of $ 0,000, whereas men predict they will need retirement savings of $ 400,000.
- Nearly 30% of women between the ages of 40 and 69 are "not sure or can not estimate" how much they will have to withdraw their retirement savings each year while in retirement, and about 32% of women in their 40s and 50s feel they will remove 11% to 30% or more every year, not exactly a realistic number or viable on their life.
- In all age groups, women are much less likely to qualify as a financial decision maker "primary" than men (35% against 55% of men). Among married women, 83% say they are the joint financial decision maker, while 58% of married men say they are a joint decision maker.
- Only 27% of women have confidence in the stock market as a place for investment gains for their savings, against 40% of men. If given $ 5,000 to the instruction that it be "put away for your retirement," 40% of women say they buy bank CDs instead of putting money in the market, against 30% percent men.
According to Wells Fargo, women hold more than half of the high-paying management and professional positions in the US and three women are in college for two men. But when he comes to retirement, they lag in their confidence about how to prepare for this phase in life and are less likely to be in the driver's seat.
and these are only some of the why men and women should consider working with agents and professional advisors. Use the LIFE agent locator to find someone to help you.
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