Women and retirement planning

Two-fifths (41 percent) of U.S. women say they expect to retire at age 70 or older or don’t plan to retire at all, according to a survey by the Harris Poll on behalf of the Transamerica Center for Retirement Studies.

This survey suggests that a significant portion of women in the U.S. expect to work into their 70s or do not plan to retire at all. This could be because of a variety of factors, such as a lack of savings or a desire to continue working for personal or financial reasons. It is important to note that survey results are only a snapshot of a specific population and may not represent the entire population.

Women are at even greater risk than men of not achieving a financially secure retirement because of societal headwinds, including the persistence of the gender pay gap, time out of the workforce for parenting and caregiving and less access to their employer and government benefits

The survey highlights women may face additional challenges in achieving a financially secure retirement compared to men. Factors such as the persistence of the gender pay gap, time out of the workforce for parenting and caregiving, and less access to employer and government benefits can all contribute to a greater risk of not achieving financial security in retirement for women. This highlights the need for policies and programs that address these inequalities and provide support for women to save and plan for retirement.

Society must spotlight women’s longevity and retirement insecurities. Now is the time to implement solutions so that all women can retire with dignity.

It is important to recognize the unique challenges that women may face in achieving a financially secure retirement and to take action to address these issues. Highlighting women’s longevity and retirement insecurity is a step toward finding solutions. There are several potential solutions that can be implemented to support women in saving for and planning for retirement, such as closing the gender pay gap, providing paid parental leave, and increasing access to retirement savings plans. It is crucial that they implemented these solutions in order to ensure that all women retire with dignity.