Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil EL&P Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries Retirement crisis looms as women's savings just one-third of men's: report By: FOX Business June 24, 2024 at 15:40 PM EDT Women in the U.S. are facing a potential retirement crisis, with a new survey of 55- to 75-year-old Americans finding that women's savings amount to just one-third of men's. A potential retirement crisis is brewing among female retirees who have only saved about one-third of the amount men have, according to a Prudential Financial survey released Monday.The survey of 905 American adults between the ages of 55 and 75 found that while men had saved a median of $157,000 for retirement, women had only set aside $50,000."The financial futures of certain cohorts – such as women – are especially precarious," Caroline Feeney, CEO of Prudential's U.S. businesses, said in a statement. "Women have a more challenging time saving for retirement," she added, noting that inflation, housing prices and changing tax policies have been the main barriers.MORE RETIREES CONSIDER RETURNING TO WORK AS HIGH INFLATION SQUEEZESIn comparison to the men surveyed, women were three times more likely to be focused on providing for their families and children than saving.Nearly half, 46%, of men surveyed said they were looking forward to retirement and had more plans, compared with 27% of women polled."The upside is that, with the right planning and strategy to protect their life's work, we can ensure this generation is well-prepared to live not only longer, but better," Feeney said.THESE ARE THE STATES WITH THE HIGHEST JUMP IN OLDER WORKERS AS SHARE OF RETIREES FALLS IN THE USThe survey also found that 55-year-old Americans are financially unprepared for retirement, with the median savings for that age range at about $47,950 compared to the $446,565 recommended by Prudential – an amount that's about eight times the average U.S. salary.Two-thirds of 55-year-olds said they fear outliving their retirement savings, compared to 59% of 65-year-olds and 52% of 75-year-olds.RETIREMENT ACCOUNT BALANCES HIT HIGHEST LEVEL SINCE 2021Nearly one-fourth, 24%, of 55-year-olds said they expect to need financial support from family members in retirement – twice as many as the 12% of 65- and 75-year-olds who expressed those concerns.About one-in-five 55-year-olds, or 21%, expect to need housing support compared to 12% of 65-year-olds and 9% of 75-year-olds. Despite those concerns, 48% of 55-year-olds who expressed those concerns haven't discussed it with their family yet.GET FOX BUSINESS ON THE GO BY CLICKING HEREPensions were also less common among 55-year-olds compared to their older peers, as the survey found they were nearly twice as likely as 65- and 75-year-olds to rely on "do-it-yourself" employer-sponsored plans like 401(k)s to fund their retirement.Reuters contributed to this report. Stock Quote API & Stock News API supplied by www.cloudquote.io Quotes delayed at least 20 minutes. By accessing this page, you agree to the following Privacy Policy and Terms and Conditions.
Retirement crisis looms as women's savings just one-third of men's: report By: FOX Business June 24, 2024 at 15:40 PM EDT Women in the U.S. are facing a potential retirement crisis, with a new survey of 55- to 75-year-old Americans finding that women's savings amount to just one-third of men's. A potential retirement crisis is brewing among female retirees who have only saved about one-third of the amount men have, according to a Prudential Financial survey released Monday.The survey of 905 American adults between the ages of 55 and 75 found that while men had saved a median of $157,000 for retirement, women had only set aside $50,000."The financial futures of certain cohorts – such as women – are especially precarious," Caroline Feeney, CEO of Prudential's U.S. businesses, said in a statement. "Women have a more challenging time saving for retirement," she added, noting that inflation, housing prices and changing tax policies have been the main barriers.MORE RETIREES CONSIDER RETURNING TO WORK AS HIGH INFLATION SQUEEZESIn comparison to the men surveyed, women were three times more likely to be focused on providing for their families and children than saving.Nearly half, 46%, of men surveyed said they were looking forward to retirement and had more plans, compared with 27% of women polled."The upside is that, with the right planning and strategy to protect their life's work, we can ensure this generation is well-prepared to live not only longer, but better," Feeney said.THESE ARE THE STATES WITH THE HIGHEST JUMP IN OLDER WORKERS AS SHARE OF RETIREES FALLS IN THE USThe survey also found that 55-year-old Americans are financially unprepared for retirement, with the median savings for that age range at about $47,950 compared to the $446,565 recommended by Prudential – an amount that's about eight times the average U.S. salary.Two-thirds of 55-year-olds said they fear outliving their retirement savings, compared to 59% of 65-year-olds and 52% of 75-year-olds.RETIREMENT ACCOUNT BALANCES HIT HIGHEST LEVEL SINCE 2021Nearly one-fourth, 24%, of 55-year-olds said they expect to need financial support from family members in retirement – twice as many as the 12% of 65- and 75-year-olds who expressed those concerns.About one-in-five 55-year-olds, or 21%, expect to need housing support compared to 12% of 65-year-olds and 9% of 75-year-olds. Despite those concerns, 48% of 55-year-olds who expressed those concerns haven't discussed it with their family yet.GET FOX BUSINESS ON THE GO BY CLICKING HEREPensions were also less common among 55-year-olds compared to their older peers, as the survey found they were nearly twice as likely as 65- and 75-year-olds to rely on "do-it-yourself" employer-sponsored plans like 401(k)s to fund their retirement.Reuters contributed to this report.
