Women Fear They ll Have Little Gold in Their Golden Years
Below is a MRR and PLR article in category Finance -> subcategory Personal Finance.
Women Worry About Financial Security in Retirement
Summary
A recent survey reveals that nearly 40% of women aged 30 to 55 fear living near the poverty line during retirement due to insufficient savings.Article
A significant number of women aged 30 to 55 are concerned about their ability to maintain a comfortable lifestyle in retirement, with nearly 40% fearing they may live at or near the poverty level. This insight comes from a recent survey highlighting the challenges women face in saving enough for their golden years.
The National Women's 2005 Retirement Survey, commissioned by the Heinz Family Philanthropies under Teresa Heinz, found that women of color are particularly anxious about their financial futures. While 53% of women of color anticipate financial struggles in retirement, only 33% of men share this worry.
Key Survey Findings
- Continued Work: Over half of all women (52%) expect they will need to work in retirement, with 57% of Hispanic women planning to do so.
- Savings Shortages: A considerable 54% of women report being unable to save for retirement after paying bills, a figure that rises to 62% among Hispanic and African-American women.
- Saving Challenges: When asked if they are currently saving enough, 62% of women answered "no." This concern is even higher among women of color, with 74% of African-American and Hispanic women feeling they aren't saving adequately.
- Family Responsibilities: African-American women are more than twice as likely as white women to cite financial support for adult children or grandchildren as a barrier to saving. Among those supporting family, 63% spend between $100 and $1,000 monthly on these obligations.
Commissioned alongside the Christie Foundation and the Barbara Lee Foundation, the survey aims to identify women's critical retirement savings issues and develop strategies to ensure their financial security. The study surveyed 1,700 adults and has a margin of error of ±2.4 percentage points.
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