Women often face greater financial challenges than men in retirement. Lower average salaries and fewer working years make it difficult for women to achieve suitable nest eggs. Results from the recent Transamerica Retirement Survey of American Workers highlight the anxieties that women face.
Sadly, only 12% of women are "very confident" in expecting a comfortable retirement. 81% are concerned that Social Security will not be available when they retire, while 30% expect Social Security to be their primary source of retirement funds. Almost two-thirds (64%) have no backup plan if they must retire sooner than they expected. More than half (54%) of women plan to delay retirement beyond age 65, or do not plan to retire at all.
These findings mirror the previous Transamerica survey in showing Women and Retirement