Women Say That Retirement Is More Expensive Than They Expected, Survey Shows

For galore women, their imagination of status whitethorn beryllium acold from reality—especially erstwhile it comes to really overmuch it costs.

Half of nan women surveyed successful a caller study by Corebridge Financial said that status was much costly than they had anticipated, while conscionable nether half said that they retired earlier than they expected.

Experts opportunity retiring earlier than planned tin person antagonistic financial consequences: early retirees whitethorn person insufficient savings and whitethorn request to cod Social Security early, resulting successful little monthly checks. And since women person longer life expectancies than men, they whitethorn request much successful status savings aliases make their dollars agelong for longer.

"Women are some starting status earlier than expected and managing costs that are higher than anticipated. These dual challenges constituent to nan value of creating an action scheme early successful your moving years that tin thief you some build your status savings and make them past passim your retirement,” said Terri Fiedler, President of Retirement Services astatine Corebridge Financial.

Most Say They Wish They Had Started Saving Sooner

The mostly (63%) of women said they wished they had started saving for retirement earlier. More than 40% said they didn’t commencement to prioritize status until they were property 41 aliases older.

Since investors use from nan power of compound interest, those who commencement redeeming for status earlier successful life whitethorn not request to put arsenic aggressively arsenic those who commencement later. In fact, astir one-third (31%) of retired women surveyed said that, erstwhile they were working, they wished they had contributed much from each paycheck into a status plan.

And while more workers could trust connected pensions successful nan past, nan work of redeeming for status has mostly fallen connected individuals. One-third (33%) of retired women said they had a pension versus 9% of non-retired women who said they had one. "This reversal of ownership reflects a changing status landscape," nan study said.

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