Retirement For Women - The Retirement Gap

Women & Retirement: The Confidence Gap

In Prudential's latest survey, "Financial Experience and Behaviors Among Women," we found that women's confidence about achieving the kind of retirement they want remains low. Well over three quarters of women believe that maintaining their lifestyle in retirement is a very important priority, yet few are confident they can achieve it. There is a 67-point gap between women's confidence level and the importance they place on this goal.

There was a slight increase in the confidence gap of "securing long-term health or nursing home care." Only 1 in 10 are very confident that they'll be able to realize this goal, while 36% believe it is a very important financial aim.

More than a third of women are very confident about paying off debt, a shorter-term load on one's shoulders, which, in many cases, inhibits individuals from concentrating on other long-term goals.

Certainly, retirement can seem like an insurmountable goal, but it can be done—with the right planning. Women may have to plan their retirement differently than men. Women typically live on average seven years longer than men. And because many women marry men who are older than themselves, they may face many of those retirement years alone. At the same time, women are still paid less than men. And they spend more time out of the workforce due to childcare and family responsibilities. So women may have to make less stretch longer.

The best strategy is to start early. You need to save much less when you are young than if you are making up for lost time later on.

You can read more about this topic in 2006 Study on Financial Experience & Behaviors Among Women

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