Report: Many Women Unprepared for Retirement

More than 20% associated the word “retirement” with insecurity

Close-up of a young businesswoman holding a pair of glassesA number of women experience tremendous anxiety when it comes to preparing for retirement. A recent global report by Aegon shows that many women are unsure of themselves when it comes to retirement.

Among the respondents, 24% associated the word “retirement” with insecurity and about 18% associated retirement with being poor.

Just 1 in 5 women feel confident they have enough money to reach the amount of income needed to retire.

In addition, the survey also showed that women tend to depend greatly on their spouses. Roughly 54% of women say they expect their spouse will be an important source of retirement income. Furthermore, about 36% say they expect their partner to be a backup plan if they can no longer work.

Key report findings:

  • 40% of the women polled don’t know if they are on track to meet their retirement goals.
  • 23% say they are hardly saving for retirement.
  • 21% say they save occasionally.

For more on this topic, see Women and Millennials Don’t Get Full Retirement Match.