1. Only 10% of women are “very confident” they will be able to fully retire with a comfortable lifestyle.
2. Women believe that they will need to save a median of $500,000 to feel financially secure in retirement—but 56% said that was just a guess.
3. Women’s median total household retirement savings is $34,000. The median age when women started saving for retirement was 28.
4. 40% of women plan to retire after age 65; 13% don’t think they will ever retire. Half of women planning to retire think they will still continue to do some work.
5. 64% of women do not have a backup plan if forced into retirement sooner than expected.
6. 72% are saving for retirement through a workplace plan or outside of work in an Individual Retirement Account, mutual fund, bank account, etc.
7. 47% expect their primary source of retirement income will be 401(k)/403(b) accounts/IRAs, or other savings and investments; while 27% expect to rely on Social Security.
8. 68% of women have access to a 401(k) or similar employee-funded retirement plan. However, 26% work part time and are, therefore, less likely to have workplace retirement benefits.
9. Only 75% of those with access to a work-based retirement plan actually participate in it.
10. They contribute a median of 6% of salary to their retirement.
The full survey findings are available at www.transamericacenter.org/retirement-research/women-and-retirement.