Data and Research

Women Have Saved a Median of $34,000 for Retirement

Only 10% are very confident their will succeed in saving enough for a comfortable retirement.

By Lee Barney | March 02, 2017
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While it can be said that women have come a long way in the last few decades, they continue to face many social obstacles, not least of which is preparing adequately for retirement, according to the Transamerica Center for Retirement Studies. Only one in 10 women are very confident that they will be able to retire comfortably, according to a new report from the Center, Seventeen Facts About Women’s Retirement Outlook.

Women have saved a median of $34,000 for retirement. Among those who have tried to figure out how much to save for retirement, 56% have guessed, and more than two-thirds have no back-up plan if they are forced to retire earlier than they are planning. Eighty-two percent worry that Social Security may not be there by the time they reach retirement.

“Today’s women are better educated and enjoy greater career opportunities that our grandmothers’ generation could only dream about,” says Catherine Collinson, president of the Transamerica Center for Retirement Studies. “Nevertheless, women continue to encounter challenges, including lower pay, time out of the workforce for parenting or caregiving, and longer life expectances—that all contribute to unique challenges in adequately saving for retirement.”

The report notes that 53% of women plan to retire after age 65 (40%) or not at all (13%). Fifty percent plan to work after they have retired. Only 42% are keeping their job skills up to date, and only 54% are focusing on doing a good job in their current job.

Sixty-four percent of women do not know what they would do if they were forced to retire, and 72% are either saving for retirement in a workplace plan or in an outside plan such as an individual retirement account (IRA).

Forty-seven percent believe their primary source of retirement income will be these accounts, while 27% expect to rely primarily on Social Security.

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