A new report from the Transamerica Center for Retirement Studies® (TCRS) finds that more than four in 10 working women (41 percent) expect to retire at age 70 or older or do not plan to retire.
Titled Emerging from the COVID-19 Pandemic: Women’s Health, Money, and Retirement Preparations, the report examines the retirement outlook of women workers and includes recommendations for women, employers, and policymakers to improve retirement security.
Highlights:
- More than four in 10 women workers are having trouble making ends meet (44 percent), while 57 percent feel they do not have enough income to save for retirement;
- Women have only $2,000 (median) in emergency savings. Emergency savings increase with age: Generation Z women have saved $500, Millennials have saved $1,400, Generation X has saved $3,000, and Baby Boomers have saved $7,000 (medians);
- Eighty-one percent who plan to work past age 65 or do not plan to retire cite financial reasons for doing so, while almost as many (77 percent) cite healthy aging-related reasons; and
- Women workers have saved only $43,000 (estimated median) in all household retirement accounts. Retirement savings increase with age: Generation Z women have saved $26,000, Millennials have saved $29,000, Generation X has saved $51,000, and Baby Boomers have saved $101,000 (estimated medians).